– Sam Bankman-Fried testified in court on Thursday without the presence of the jury.
– He mentioned using communication platforms like Slack and Signal.
– Bankman-Fried acknowledged security concerns and third-party hacks at the company’s Hong Kong headquarters but denied any core breach.
– When asked about the legality of taking FTX deposits through Alameda, he stated that he believed it was legal.
– Bankman-Fried discussed seeking advice from FTX’s lawyers regarding investments and expressed confidence in their structured approach.
– It is the first time his version of events has been presented in court.
– The decision to have Bankman-Fried testify without the jury present was considered rare and indicative of a specific objective.
– If convicted, Bankman-Fried could face lengthy imprisonment for charges including fraud.
– His testimony was expected to continue, with prosecution cross-examination to follow.
– The prosecution may present a brief case, potentially aiming for a hung jury rather than a verdict of not guilty.
– Bankman-Fried’s testimony is being closely watched as he is a former CEO and majority shareholder of The Block.
Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, took the witness stand in his own defense during his trial. The jury was sent home for the day, indicating that the judge will need to rule on what parts of Bankman-Fried’s testimony will be admissible. Bankman-Fried discussed his use of communication platforms like Slack and Signal and mentioned security concerns at FTX’s Hong Kong headquarters. He admitted that third parties had been hacked but denied any core breach. Bankman-Fried was questioned about the legality of taking FTX deposits through Alameda, to which he claimed he believed it was legal. He also mentioned receiving advice from FTX’s lawyers regarding investments and stated that he took comfort in the lawyers structuring them. This was the first time Bankman-Fried was able to share his side of the story in court. The decision to put Bankman-Fried on the stand without the jury present was considered rare, and legal experts believe there must be a specific reason for this approach. Bankman-Fried faces several charges, including fraud, and could potentially face decades in prison if convicted.
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