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<div class="cryptonews">
 <p class="is-style-lead">Former FTX CEO and Founder Bankman-Friend <a rel="noopener noreferrer nofollow" title="takes" href="https://thebittimes.com/tag/takes.html">takes</a> the <a rel="noopener noreferrer nofollow" title="stand" href="https://thebittimes.com/tag/stand.html">stand</a> today, blaming Caroline Ellison for poor management in Alameda and admitting to political donations from customer funds.&nbsp;</p>
 <p>As the historic <a rel="noopener noreferrer nofollow" title="trial" href="https://thebittimes.com/tag/trial.html">trial</a> of FTX continues, Sam Bankman-Fried, the accused culprit and defendant, finally took the <a rel="noopener noreferrer nofollow" title="stand" href="https://thebittimes.com/tag/stand.html">stand</a> today at the Southern District of New York. Unsurprisingly, Bankman-Fried balmed his former girlfriend and Alameda CEO Caroline Ellison for poor management of loans and credit. He accepted that some mis<a rel="noopener noreferrer nofollow" title="takes" href="https://thebittimes.com/tag/takes.html">takes</a> were of his doing, but also denied several claims made by his former colleagues throughout the <a rel="noopener noreferrer nofollow" title="trial" href="https://thebittimes.com/tag/trial.html">trial</a>.<br><br>Here are the key highlights from Bankman-Fried’s testimony:</p>
 <h2 class="wp-block-heading" id="testimony-of-sam-bankman-fried">Testimony of Sam Bankman-Fried</h2>
 <ul>
  <li>Bankman-Fried denies defrauding anyone.<br></li>
  <li>He initially borrowed from Genesis, Celsius, BlockFi and Voyegar for Alameda.&nbsp;<br></li>
  <li>The internal name for Alameda was ‘Wireless Mouse’, Bankman-Fried denies anyone calling it ‘Sam’s Crypto Trading Firm’ – which was earlier alleged by his colleagues in the trial.<br></li>
  <li>Bankman-Fried took a yearly $200,000 salary from Alameda.<br></li>
  <li>He explained the move of FTX and Alameda to Hong Kong and then to the Bahamas was for a more flexible regulatory environment compared to the U.S.</li>
 </ul>
 <ul>
  <li>The aggressive marketing strategies for FTX were funded by loans from Alameda, most of which came from FTX customer balances.</li>
 </ul>
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  <li>Stressed that Alameda was solely a market maker on FTX and had a massive line of credit that grew into billions over time.<br></li>
  <li>Bankman-Fried said that Caroline Ellison was a good manager, but she had no focus on risk management.<br></li>
  <li>He claimed ignorance about the “Allow Negative” code, written by FTX co-founder Gary Wang, which functioned as Alameda’s liquidation cushion.</li>
 </ul>
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  <li>He admitted that political donations were made to influence crypto regulations, and Alameda loans funded these donations.</li>
 </ul>
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  <li>Bankman-Fried said that there was a significant drop in Alameda’s liquidity from $40 billion to $10 billion by June 2022 and acknowledged internal concerns about the firm’s solvency.</li>
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 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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    <p lang="en" dir="ltr">SBF ON THE STAND: Sam Bankman-Fried Says He Wanted to Impact the World But Surprised by $8 Billion Hole- Inner City Press story and thread link: https://t.co/KbgomToCrZ Court art courtesy E Williams. More with <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on @SubstackInc here https://t.co/fP1uSFzosy pic.twitter.com/jrrfUZQrtv</p>— Inner City Press (@innercitypress) October 27, 2023
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 <ul>
  <li>He again blamed Ellison, saying that Alameda didn’t hedge its bets despite his recommendation for a $2 billion safety net.<br></li>
  <li>He considered closing down Alameda in 2022, citing ‘there was no right management in place’.<br></li>
  <li>Bankman-Fried called Nishad Singh ‘nervous and halting.’&nbsp;</li>
 </ul>
 <p>The Testimony is set to continue on Oct. 30, with an impending cross-examination and rebuttal case from prosecutors.</p>
 <p>A verdict is expected to be decided upon before Nov. 3.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-founder-sam-bankman-fried-takes-the-stand-recap-of-trial-day-14-tbt68163.html">https://thebittimes.com/ftx-founder-sam-bankman-fried-takes-the-stand-recap-of-trial-day-14-tbt68163.html</a></p>

FTX founder Sam Bankman-Fried takes the stand: Recap of trial day 14

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