Sam Bankman-Fried (SBF), the founding father of the previous cryptocurrency trade FTX, lately defended his actions throughout a courtroom testimony. He argued that spending $8 billion of FTX purchasers’ fiat deposits was a part of “risk management.” Moreover, he highlighted the challenges he confronted balancing his roles. As CEO of Alameda Research, he was extra targeted on their portfolio, admitting he won’t have paid sufficient consideration to FTX.
Additionally, Bankman-Fried made it clear that no staff had been terminated in relation to the alleged use of $8 billion for speculative buying and selling. When pressed by prosecutor Danielle Sassoon on particular worker involvement, Bankman-Fried merely acknowledged he wasn’t conscious of specific people linked to the problem.
Sam Bankman-Fried Denies Settling Nation’s Debt
During the trial, the shut relationship between FTX and the Bahamian authorities turned evident. Sassoon unveiled messages hinting at Bankman-Fried providing flooring aspect seats on the Miami Heat Arena to the Bahamas prime minister. Although SBF couldn’t recall the incident, the message indicated the prime minister loved FTX’s courtside seats along with his partner.
Furthermore, it was urged that Bankman-Fried had discussions with Bahamian Prime Minister, Philip Davis, concerning settling the nation’s debt. However, whereas the FTX founder refutes this declare, he does acknowledge aiding Davis’ son in acquiring employment.
Significantly, simply earlier than FTX’s unfortunate downfall, a dedication was made to prioritize Bahamian customers. FTX assured that these customers’ withdrawal requests can be processed promptly and their pursuits safeguarded.
SBF Clarifies Role in Political Contributions
Earlier this month, Bankman-Fried was questioned about political donations linked to the crypto trade. He firmly denied holding any conversations with Nishad Singh or Ryan Salame, former FTX personnel, concerning contributions to U.S. politicians.
However, he did acknowledge that the contributions bearing his title had been “loans from Alameda Research.” Consequently, these had been strategic measures to probably sway the U.S. authorities’s perspective on cryptocurrency laws. Some donations had been clearly in help of FTX’s lobbying efforts, however not the bulk.
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