This week, Sam Bankman-Fried took the stand in his criminal fraud trial for taking customer funds from the now-bankrupt FTX cryptocurrency exchange through his proprietary trading firm, Alameda Research. Lead defense lawyer Mark Cohen argued that Bankman-Fried did not intentionally commit fraud, and that mistakes and oversights were inevitable in such a chaotic startup environment. During the trial, Bankman-Fried admitted to only skim-reading certain parts of the company’s Terms and Conditions, while reading other parts more thoroughly. This news provides insight into the internal workings of the Alameda Research and FTX, and the allegations against Bankman-Fried in the criminal fraud trial.
You can read more about this topic here: Watcher Guru: Sam Bankman-Fried Believed Taking FTX Customer Funds via Alameda Was Legal