Fun

News Feed - 2023-10-27 04:10:59

Turner Wright4 hours agoSam Bankman-Fried thought ‘taking FTX deposits through Alameda was legal’: ReportThe former FTX CEO took the stand for the first time in his criminal trial, but without members of the jury present.1466 Total views36 Total sharesListen to article 0:00NewsJoin us on social networksFormer FTX CEO Sam “SBF” Bankman-Fried addressed a New York courtroom under oath without the 12-member jury present.


According to reports from the courtroom on Oct. 26, SBF’s highly anticipated testimony kicked off in a hearing with defense attorney Mark Cohen questioning the former FTX CEO on his use of the messaging app Signal and retention of communications data at the crypto exchange. Bankman-Fried reportedly claimed he acted in accordance with company policies on records, and none of the media set to “auto-delete” were “channels for decisions.” 


“Why did you turn off auto-delete?” Cohen asked Bankman-Fried.


“I had heard from regulators,” he replied.


Cohen pressed the former FTX CEO on the creation of North Dimension, an alleged “shadowy entity” used to launder customer funds from the crypto exchange through Alameda Research. According to SBF, former chief regulatory officer Dan Friedberg provided him with the papers setting up the firm, which he signed without question. 


“Did you believe taking FTX deposits through Alameda was legal?” Cohen asked SBF.


“I did,” he replied.


“I was CEO of both at that time,” said Bankman-Fried on establishing North Dimension under Alameda and FTX. “FTX didn’t have a bank account.” 


One of the key issues in the U.S. government’s case against SBF centers around allegations the former FTX CEO used customer funds from the crypto exchange to make investments through Alameda without users’ knowledge. Bankman-Fried testified that he communicated with Friedberg, law firm Fenwick & West, and FTX former general counsel Can Sun regarding the investments.


“I thought, only to futures trading,” said Bankman-Fried on whether he believed parts of FTX’s terms of services concerned the use of customer funds. “And Alameda was authorized to do that.”


Related:Sam Bankman-Fried has no way to ‘outfox’ prosecutors: Scaramucci


Bankman-Fried will be the last witness to take the stand after more than three weeks in court laying out details of the alleged commingling of funds between FTX and Alameda. According to Kaplan, the jury will “decide in the first few days of next week” without hearing the entirety of the former FTX CEO’s testimony.


SBF has pleaded not guilty to all seven charges in his criminal case, but he is expected to face five more counts in a second trial scheduled to start in March 2024.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Trial# Court# Crimes# Sam Bankman-Fried# FTX# RegulationAdd reactionAdd reactionRead moreWill Sam Bankman-Fried fix his case when he takes the stand?How Google’s AI legal protections can change art and copyright protectionsFormer FTX engineering director faces up to 75 years in prison following guilty plea

News Feed

Bitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers
Bitpay Adds Shiba Inu Crypto as Petition to List SHIB on Robinhood Exceeds 545K Signers Crypto payment firm Bitpay has added support for the meme cryptocurrency shiba inu. Followin
Data Shows the US Economy Was Collapsing 5 Months Before the Coronavirus Outbreak
Data Shows the US Economy Was Collapsing 5 Months Before the Coronavirus OutbreakDuring the last two months, the global economy has shuddered and a great number of people still attr
Bold Prediction: XRP Holders On The Path To Millionaire Status—Analyst
Este artículo también está disponible en español. A market expert has boldly proclaimed that all XRP holders might ultimately become millionaires. Related Reading XRP Pri
Bitcoin bears trapped, but can BTC price surpass $70K by August?
Zoltan Vardai8 hours agoBitcoin bears trapped, but can BTC price surpass $70K by August?Bitcoin price has confirmed its price reversal, but can it reclaim the $70,000 mark before the end of summer?4463 Total views7 Total
Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi
Multichain Wallet Bitkeep Raises $30 Million From Bitget to Strengthen Links Between Defi and Cefi On Wednesday, the multichain wallet Bitkeep announced it raised $30 million from
How high can Bitcoin price go in the run-up to the US election?
Yashu Gola1 hour agoHow high can Bitcoin price go in the run-up to the US election?Bitcoin may reach a new record high in the days leading up to the Donald Trump-Kamala Harris faceoff in November, onchain and technical s
Dogecoin Holds Critical Support Level – Can Bulls Reclaim $0.25?
Este artículo también está disponible en español. Dogecoin is trading above the $0.20 level after days of intense selling pressure and market-wide volatility. Bulls have lost control of the price action, and D
39% of Canada’s institutional investors have exposure to crypto: KPMG
Brayden Lindrea7 hours ago39% of Canada’s institutional investors have exposure to crypto: KPMGKPMG Canada partner Kunal Bhasin says rising debt and increasing inflation have likely attracted institutional investors in
Central Bank of Colombia Announces First Blockchain Bond Pilot Program
Central Bank of Colombia Announces First Blockchain Bond Pilot Program The Central Bank of Colombia has announced its involvement in the first blockchain bond pi
Guneet Kaur12 hours agoCrypto horrors: Tales of lost Bitcoin walletsFrom accidental deletions to enigmatic heists, lost Bitcoin tales emphasize the paramount importance of stringent security measures in the crypto world.
Pike Finance clarifies ‘USDC vulnerability’ statement on $1.6M exploit
Ezra Reguerra1 hour agoPike Finance clarifies ‘USDC vulnerability’ statement on $1.6M exploitPike highlighted that the exploit occurred due to their team’s inadequate integration of third-party technologies such as
Bitcoin Mining Report Shows Network’s Emissions Account for 0.08% of the World’s CO2
Bitcoin Mining Report Shows Network"s Emissions Account for 0.08% of the World"s CO2 During the last year, Bitcoin — the cryptocurrency network that leverages proof-of-work