On October 27, Sam “SBF” Bankman-Fried, former CEO of FTX, provided crucial testimony during his...
On October 27, Sam “SBF” Bankman-Fried, former CEO of FTX, provided crucial testimony during his trial, shedding light on his relationship with Caroline Ellison and the political donations linked to the crypto exchange. Bankman-Fried’s defense attorney, Mark Cohen, directed the proceedings.
One significant revelation from the courtroom was Bankman-Fried’s assertion that he had not discussed political contributions to U.S. politicians with former FTX engineering director Nishad Singh and former FTX Digital Markets co-CEO Ryan Salame.
Instead, he claimed that the donations made in his name were sourced from “loans from Alameda Research.”
These financial activities were part of a broader strategy to influence U.S. government policies related to cryptocurrency regulation.
Bankman-Fried emphasized the importance of shaping these policies, noting that some in Congress and the executive branch were supportive of FTX’s efforts in cryptocurrency lobbying.
Cohen took a detour from the legal allegations, delving into Bankman-Fried’s personal life. He questioned the former FTX CEO about the reasons behind his breakup with Caroline Ellison.
READ MORE;United Nations Establishes 39-Member Advisory Committee to Address Global AI Regulation
Bankman-Fried explained that the relationship ended because Ellison “wanted more than I could give.” He added that this was not the first time such a situation had arisen.
During her testimony, Ellison pointed out that SBF had not been spending much time with her, which contributed to the relationship’s deterioration.
Cohen also inquired about Bankman-Fried’s unconventional style, to which SBF responded that his unkempt hair was due to his own laziness, and he preferred the comfort of shorts and T-shirts for most occasions.
In an earlier hearing on the same day, Bankman-Fried denied allegations of defrauding FTX users by allowing Alameda to use customer funds.
Former FTX Chief Technology Officer Gary Wang and others testified that SBF had given Alameda the ability to trade more funds than it had on hand.
Bankman-Fried’s testimony is expected to conclude early next week, following cross-examination by attorneys from the U.S. Department of Justice.
Assuming there are no procedural delays, the court will then instruct the jury to deliberate on the seven criminal charges brought against him.