FTX Founder Testifies , About Alameda Research , Concerns Prior to Collapse.
ABC reports that Sam Bankman-Fried testified that he expressed concerns Alameda Research could become insolvent four months before FTX declared bankruptcy.
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ABC reports that Sam Bankman-Fried testified that he expressed concerns Alameda Research could become insolvent four months before FTX declared bankruptcy.
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On October 30, Bankman-Fried said in his federal fraud and conspiracy trial that he confronted Caroline Ellison, who was the co-chief executive of Alameda, about his concerns.
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On October 30, Bankman-Fried said in his federal fraud and conspiracy trial that he confronted Caroline Ellison, who was the co-chief executive of Alameda, about his concerns.
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Bankman-Fried said he told Ellison, who is also his ex-girlfriend, that the hedge fund should have taken precautions in what ended up being some of its riskier investments.
Bankman-Fried said he told Ellison, who is also his ex-girlfriend, that the hedge fund should have taken precautions in what ended up being some of its riskier investments.
ABC reports that part of Bankman-Fried's strategy in the trial has been to deflect blame away from himself over the FTX collapse.
ABC reports that part of Bankman-Fried's strategy in the trial has been to deflect blame away from himself over the FTX collapse.
Meanwhile, Ellison pleaded guilty and cooperated with federal prosecutors, providing testimony that she committed fraud with, and at the direction of, Bankman-Fried.
Meanwhile, Ellison pleaded guilty and cooperated with federal prosecutors, providing testimony that she committed fraud with, and at the direction of, Bankman-Fried.
On October 30, Bankman-Fried said on the witness stand that, while he made mistakes, he never committed fraud.
ABC reports that the trial has been described by federal prosecutors as , "one of the biggest financial frauds in American history." .
Bankman-Fried is currently facing seven counts of fraud, conspiracy and money laundering.
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If convicted, the former crypto billionaire, who pleaded not guilty to all charges, would face a sentence of 110 years in prison.
If convicted, the former crypto billionaire, who pleaded not guilty to all charges, would face a sentence of 110 years in prison.
I really deeply wish that I had taken like a lot more responsibility for understanding what the details were of what was going on there.
A lot of people got hurt, and that's on me, Sam Bankman-Fried statement, via ABC.
I really deeply wish that I had taken like a lot more responsibility for understanding what the details were of what was going on there.
A lot of people got hurt, and that's on me, Sam Bankman-Fried statement, via ABC
