Former FTX CEO Denies Fraud Claims; Admits Lack of Crypto Knowledge in Court
Summary:
In a recent court session, former FTX CEO Sam "SBF" Bankman-Fried refuted allegations of defrauding customers during his leadership at the crypto exchange. Bankman-Fried admitted to having minimal knowledge about cryptocurrencies when he initiated the Alameda Research crypto hedge fund, and confirmed FTX's bankruptcy resulted in significant losses for many people. The story is still unfolding with more details to be updated.
For the first time, a jury heard from Sam "SBF" Bankman-Fried, the former CEO of FTX, as part of the defense's final preparations in their case. Reports from a New York courtroom on October 27th mention Bankman-Fried's denial of allegations about defrauding customers of the cryptocurrency exchange under his management. He reportedly stated that he had little to no knowledge about digital currencies when he established the Alameda Research crypto hedge fund. In reply to an inquiry from his legal representative, Mark Cohen, Bankman-Fried confirmed, "FTX went bankrupt, causing damage to numerous people." This is an ongoing story, and as more details become available, they will be updated.
Published At
10/27/2023 2:19:36 PM
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