As we reported yesterday, Former FTX CEO Sam Bankman-Fried took the stand yesterday in his criminal fraud trial, claiming that lawyers approved the policies that ultimately led to the crypto exchange’s shocking collapse.
Keypoints
- SBF took the stand in his criminal trial, claiming he acted in good faith based on legal approval of his decisions at FTX. He says lawyers blessed policies around document retention, auto-deletion of messages, and FTX’s banking arrangement with Alameda.
- However, SBF struggled during cross-examination by prosecutors, frequently saying he didn’t recall specifics or conversations with lawyers. The judge had to repeatedly urge him to directly answer questions posed to him.
- An FBI agent testified there were over 300 Signal groups SBF participated in, many with auto-delete enabled. This suggests extensive digital communications that may lack retention.
- Prosecutors aggressively questioned SBF…
