Sam Bankman-Fried (SBF), the former billionaire and founder of FTX and Alameda Research, took the stand in front of a jury on October 27th to testify about the $8 billion shortfall that led to the collapse of both companies. SBF expressed that he was blindsided by the deficit and shared insights into the inner workings of FTX and Alameda from his perspective. The trial will continue with SBF’s testimony on October 30th.
During the trial, concerns were raised by the prosecution about disruptions in the gallery. The judge issued a warning and instructed the prosecution and the jury not to let any perceived impoliteness affect their judgment. The defense team also requested a standing objection to statements made during the previous day’s cross-examination, which the judge allowed to be used as evidence. The trial then focused on discussions of legal opinions, omnibus wallets on the blockchain, and the financial management practices of FTX. SBF emphasized his commitment to resolving the issue responsibly and preserving the reputation of the cryptocurrency industry. The trial is expected to continue well into November before a verdict is reached.
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