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Published 4 months ago

Bankman-Fried acknowledges in court customers hurt but denies fraud

  • Sam Bankman-Fried, the founder of crypto exchange FTX, has testified in court, pleading not guilty to charges of fraud, securities fraud, and money laundering.
  • Bankman-Fried admitted to making mistakes and not having proper risk management protocols in place, contributing to the losses suffered by customers and investors.
  • The prosecution presented damning evidence, including testimony from former executives and internal documents, suggesting Bankman-Fried's involvement in diverting funds for personal use.
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