Ex-FTX CEO Bankman-Fried addresses court on political donations and relationship woes and refutes financial misconduct. By Maxwell Mutuma 4 hours ago Updated 4 hours ago
Sam Bankman-Fried (SBF), former CEO of FTX, testified on October 27 regarding political donations originating from the crypto exchange. According to courtroom reports, Bankman-Fried clarified he never held discussions with Nishad Singh, former FTX engineering director, or Ryan Salame, former FTX Digital Markets co-CEO, concerning donations to U.S. politicians.
Significantly, SBF emphasized that the contributions made in his name resulted from “loans from Alameda Research”. This was a strategic move to potentially influence the U.S. government’s stance on cryptocurrency regulations. However, he mentioned, “Some were [supportive of] FTX for cryptocurrency lobbying. Some, not most.”
Sam Bankman-Fried Reveals Relationship Struggles to Cohen
Besides his professional dealings, Bankman-Fried’s personal life also became a topic of discussion. Mark Cohen, the defense attorney, delved into the reasons behind the end of SBF’s relationship with Caroline Ellison. Bankman-Fried’s candid response highlighted a recurring issue in his relationships, stating, “She wanted more than I could give.
It wasn’t the first time with me.” Ellison, on her part, felt that the relationship dwindled due to SBF’s limited time for her. Moreover, on a lighter note, when Cohen broached the topic of SBF’s casual style, the former FTX CEO simply said that his hair resulted from his inherent laziness and that he found wearing T-shirts and shorts most comfortable.
SBF Rejects Claims of Financial Misconduct
Additionally, Bankman-Fried robustly refuted claims suggesting a fraudulent use of FTX users’ funds. Accusations had been levied that he directed efforts at Alameda, enabling the company to misuse customer funds.
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Former FTX chief technology officer Gary Wang and a few others testified that SBF permitted Alameda to trade with more funds than it had access to. However, the final verdict rests on the outcome of the cross-examination by the U.S. Department of Justice’s attorneys, which is expected to conclude next week.
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