Infamous crypto entrepreneur SBF denies all fraud allegations

In the court, SBF said that he never defrauded anyone and all the allegations were baseless.

Sam Bankman-Fried (SBF) is co-founder & former CEO of now-bankrupt crypto exchange FTX which collapsed badly in Nov 2022 following a report by the Coindesk media over the company’s forged financial position. Allegedly SBF misused FTX customers’ funds for personal savings & to fund for his another crypto hedge firm Alameda Research.

In the latest court trial, SBF denied all the fraud allegations said that he never defrauded anyone, and claimed that his mistake was only not having a dedicated risk management team. 

On the Alameda Research & FTX relationship, SBF said that Alameda was not taking funds from FTX blindly, instead that was part of customers’ marginal trading activities

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He also appreciated the role of the Alameda firm in revenue generation and said that his Crypto hedge firm generated billions of dollars, as the company already started buying Solana (Sol) coins at $0.2 which later surged to $260.

SBF responded in court and denied defrauding anyone and taking customer funds. He said the biggest mistake was not having a dedicated risk management team; he said Alameda allowed borrowing money from the FTX exchange, basically from margin traders. He claimed that Alameda has…

— Wu Blockchain (@WuBlockchain) October 28, 2023

SBF told the court that he intended to sell FTX to top crypto exchange Binance during the initial days of the struggle but he failed to crack the deal. 

In short, SBF directly distanced himself from all the fraud allegations, while little-known FTX co-founder Gary Wang & former Alameda CEO Caroline Ellison told the court that SBF misused its power to transfer an unlimited amount of funds from FTX to Alameda. Ellison also confirmed that SBF ordered her to present Alameda’s financial position wrongly despite the company’s bad situation.

FTT price action

FTX token (FTT) is the native token of the FTX crypto exchange. Recently the news related to the FTX reboot plan helped this token to show a big rally.

The current trade price of the FTT token is $1.29 & this price is 23% high over the 7 days of trade price.

Read also: Kraken decides to suspend support for USDT & 4 other major crypto assets

Infamous crypto entrepreneur SBF denies all fraud allegations

 

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