On the second day of cross-examination from the protection, Sam Bankman-Fried said that he didn’t know FTX money was missing. Indeed, the co-founder of the collapsed crypto exchange reiterated throughout the day on Tuesday that he had no knowledge of the billions worth of customer funds that had been misappropriated. The prosecution is set to rest their case in the highly publicized fraud trial. Subsequently, Bankman-Fried has continued to plead ignorance regarding the fraudulent activity that took place at the company. During his testimony, he confirmed he had no knowledge of missing funds until shortly after the company collapsed.
Bankman-Fried is facing life in prison for his role in the missing customer funds. Moreover, he is being accused of using nearly $10 billion of customer funds for his own spending habits. This ranged from real estate to celebrity investments, funneled through Bankman-Fried’s hedge fund, Alameda Research.
This is bad news for Bankman-Fried as he faces life in prison for his alleged role in misappropriating customer funds. Despite his continued insistence of ignorance, the prosecution is set to rest their case and the public will find out for certain whether or not he is guilty. #FraudTrial #CryptoExchange #AlamedaResearch #SamBankmanFried
You can read more about this topic here: Watcher Guru: Sam Bankman-Fried Says He Didn’t Know FTX Money was Missing