Testifying in court docket however with out the jury for his prison trial current, Sam “SBF” Bankman-Fried confronted questions from prosecutors, who pressed the previous FTX CEO on his alleged involvement in utilizing buyer funds for investments by way of Alameda Research.
According to studies from the New York courtroom on Oct. 26, Bankman-Fried denied realizing why crypto alternate FTX started moving person funds from a checking account with Alameda to a agency known as North Dimension — a “shadowy entity” allegedly used for cash laundering. SBF advised that banks could have been extra comfy with North Dimension, avoiding well-known hedge funds related to crypto like Alameda.
Bankman-Fried reportedly stated he wasn’t closely concerned in North Dimension however didn’t recall discussions with auditors about FTX person funds going to the entity in addition to Alameda:
“I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”
SBF’s testimony, made in a court hearing without the jury present, was one of the last presentations by his defense team, consisting of attorneys Mark Cohen and Christian Everdell. He testified to believing that taking FTX deposits through Alameda Research was legal under questioning from his attorneys. At the same time, prosecutors asked about his role in the retention of documents and communications at FTX and Alameda.
“The witness has an interesting way of responding to questions,” stated Judge Kaplan on SBF’s testimony to this point.
The prison trial, which began on Oct. 3 after months of preparation, will probably finish inside the subsequent seven days following Bankman-Fried’s testimony and shutting arguments from either side. Bankman-Fried may face conviction on up to seven expenses within the present trial however can be anticipated to tackle 5 extra prison counts in a second trial in March 2024.