Former FTX CEO, Sam Bankman-Fried, has concluded his testimony and cross-examination in his criminal fraud trial. During his testimony, Bankman-Fried acknowledged the existence of an $8 billion hidden debt within Alameda Research, which was discovered after a bug was fixed in an account called fiat@. He claimed to have discovered the massive transfer in September or October 2022, but did not identify any specific employee responsible and made no personnel changes as a result. Bankman-Fried also denied hiding the risks of Alameda’s use of customer funds from FTX users and admitted to providing more information to customers after FTX’s bankruptcy. He admitted that he had tweeted assurances that contradicted reality before the company’s collapse. Bankman-Fried also commented on a falsified balance spreadsheet, suggesting that the CEO of Alameda Research had sent it to him and asked for his opinion. He claimed to have told her that the spreadsheet looked reasonable but did not remember if he reviewed all the tabs. The court will now hold a charge conference to set out instructions for the jury.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	None, Adam Yedida, Caroline Ellison, Sam Bankman-Fried
Companies	None, Genesis, FTX, Alameda Research
Currencies	US Dollar
Securities	None