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 Alameda Analysis.
Based on experiences from the New York courtroom on Oct. 26, Bankman-Fried denied realizing why crypto change FTX started transferring person funds from a checking account with Alameda to a agency known as North Dimension — a “shadowy entity” allegedly used for cash laundering. SBF steered that banks might have been extra comfy with North Dimension, avoiding well-known hedge funds linked 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 ought to say, I’m not a lawyer, I’m simply making an attempt to reply based mostly on my recollection. […] On the time [at] FTX, sure clients thought accounts can be despatched to Alameda.”
SBF’s testimony, made in a court docket listening to with out the jury current, was one of many final displays by his protection group, consisting of attorneys Mark Cohen and Christian Everdell. He testified to believing that taking FTX deposits by Alameda Analysis was authorized beneath questioning from his attorneys. On the identical time, prosecutors requested about his function within the retention of documents and communications at FTX and Alameda.
“The witness has an attention-grabbing method of responding to questions,” stated Decide Kaplan on SBF’s testimony thus far.
Associated: Sam Bankman-Fried’s testimony to challenge government claims, lawyer tells judge
The prison trial, which began on Oct. 3 after months of preparation, will seemingly finish throughout the subsequent seven days following Bankman-Fried’s testimony and shutting arguments from each side. Bankman-Fried may face conviction on as much as seven expenses within the present trial however can also be anticipated to deal with 5 extra prison counts in a second trial in March 2024.
