{"id":181034,"date":"2023-10-26T01:12:11","date_gmt":"2023-10-25T19:42:11","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=181034"},"modified":"2023-10-26T01:12:11","modified_gmt":"2023-10-25T19:42:11","slug":"former-ftx-ceo-sam-bankman-fried-decides-to-testify-in-court-after-damning-testimonies-from-colleagues-report-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/former-ftx-ceo-sam-bankman-fried-decides-to-testify-in-court-after-damning-testimonies-from-colleagues-report-crypto-news\/","title":{"rendered":"Former FTX CEO Sam Bankman-Fried Decides To Testify in Court After Damning Testimonies From Colleagues: Report &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Former FTX chief executive Sam Bankman-Fried has reportedly decided to testify in court after his colleagues took the witness stand to provide evidence.<\/p>\n<p>In a lengthy thread on the social media platform X, Inner City Press <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/innercitypress\/status\/1717188345145483404\">reports<\/a> that Bankman-Fried\u2019s lawyer has stated that his client will testify after the defense\u2019s three witnesses in order to rebut statements made by employees of FTX.<\/p>\n<p>Earlier in the trial, ex-Alameda Research CEO and Bankman-Fried\u2019s ex-girlfriend, Caroline Ellison, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/2023\/10\/12\/ex-alameda-ceo-caroline-ellison-says-sam-bankman-fried-directed-her-to-commit-crimes-as-trial-enters-week-two\/\">told<\/a> the court that she was directed by Bankman-Fried to commit fraud.<\/p>\n<p>According to Ellison, Alameda took about $14 billion worth of FTC customer funds between 2020 and 2022 under the direction of Bankman-Fried. She also noted that Alameda doctored its balance sheets to make the firm seem less risky to lending companies.<\/p>\n<p>Days before that, FTX co-founder Gary Wang <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/2023\/10\/10\/ftxs-insurance-fund-was-an-arbitrary-made-up-number-according-to-co-founder-gary-wang-report\/\">testified<\/a> against Bankman-Fried, saying that what the crypto exchange listed as an \u201cinsurance fund\u201d was in reality a fake account.<\/p>\n<p>According to Wang, the fund didn\u2019t actually have the amount of backstop funds it claimed to have in it, such as $5.5 million in cash and 5 million FTT (FTX token). Wang notes that FTX made up the amount of USD in the account using a formula that included a random number generator.<\/p>\n<p>In a recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=wixsNOI5mBg&amp;t=15s\">interview<\/a> on the This Week in Startups podcast, Inner City Press reporter Mathew Russell Lee says that Ellison\u2019s testimony was particularly damning for Bankman-Fried.<\/p>\n<p><em>\u201cI think Ellison was a very strong witness because\u2026 she [described] how it worked and she\u2019s pled guilty \u2013 she acknowledges that she knew that Alameda had this incredible $65 billion line of credit with FTX [and] that when people thought they were sending in money to trade on the FTX platform, it was being diverted to Alameda, but she says very much \u2018Sam told me to do this.\u2019\u201d <\/em><\/p>\n<p>Bankman-Fried is currently on trial for mishandling billions of dollars worth of customer funds as well as defrauding investors. If convicted, he faced decades behind bars.<\/p>\n<p><iframe loading=\"lazy\" title=\"The Trial of SBF: A deep dive with Inner City Press&#039;s Matthew Russell Lee | E1833\" width=\"740\" height=\"416\" src=\"https:\/\/www.youtube.com\/embed\/wixsNOI5mBg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"color: #ffffff\" data-darkreader-inline-color=\"\">I<\/span><\/p>\n<p><em><span style=\"font-size: 13pt\">Don&#8217;t Miss a Beat \u2013 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/join-the-daily-hodl-email-list\/\">Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Check <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/crypto-markets\/\">Price Action<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Follow us on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheDailyHodl\">Twitter<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/thedailyhodl\/\">Facebook<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/thedailyhodl\">Telegram<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Surf <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/daily-hodl-mix\">The Daily Hodl Mix<\/a><\/span><\/em><br \/>\n<\/p>\n<div class=\"hideinamp\">\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"maxbutton-4 maxbutton maxbutton-check-out-the-latest-headlines-bigger\" href=\"https:\/\/dailyhodl.com\/news\/\"><span class=\"mb-text\">Check Latest News Headlines<\/span><\/a><\/p>\n<p>&amp;nbsp<\/p>\n<h6>Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<p><span style=\"font-size: 10pt\"><em>Featured Image: Shutterstock\/Mia Stendal<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former FTX chief executive Sam Bankman-Fried has reportedly decided to testify in court after his colleagues took the witness stand to provide evidence. In a lengthy thread on the social media platform X, Inner City Press reports that Bankman-Fried\u2019s lawyer has stated that his client will testify after the defense\u2019s three witnesses in order to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":51077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-181034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=181034"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181034\/revisions"}],"predecessor-version":[{"id":181036,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181034\/revisions\/181036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/51077"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=181034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=181034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=181034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}