Sam Bankman-Fried Says Witness Statements in FTX Case Are False
CoinDesk has reported that former FTX CEO Sam Bankman-Fried’s testimony before the jury in the collapse of the exchange contradicts several key witness statements.
The exchange was initially meant to be sold to Binance. Journalists noticed that Bankman-Fried provided lengthy answers to simple questions, prompting the judge to criticize him multiple times.
The former CEO claimed that the collapse of FTX and Alameda Research was due to miscalculations and employee mistakes, rather than intentional fraud.
He denied any involvement in deceiving clients or embezzling funds, instead stating that the company “turned out to be basically the opposite” of his original vision.
Bankman-Fried also stated that the lack of a dedicated risk management team and significant oversights were the main reasons for the collapse.
His testimony aligns with his lawyers’ arguments that he was unable to oversee all processes in a rapidly growing company during a period of market volatility.
