Former FTX CEO Sam “SBF” Bankman-Fried testified in a New York courtroom regarding allegations of using customer funds from the crypto exchange to make investments through Alameda Research without users’ knowledge. Bankman-Fried claimed that he followed company policies on records and that none of the media set to “auto-delete” were used for decision-making. He stated that he turned off auto-delete after hearing from regulators. Bankman-Fried also addressed the creation of North Dimension, an entity allegedly used to launder customer funds, and claimed that former chief regulatory officer Dan Friedberg provided him with the papers to set up the firm. He believed that taking FTX deposits through Alameda was legal as he was the CEO of both at the time. The U.S. government’s case against Bankman-Fried centers around the alleged commingling of funds between FTX and Alameda. Bankman-Fried communicated with Friedberg, law firm Fenwick & West, and FTX former general counsel Can Sun regarding the investments. Bankman-Fried is the last witness in the trial and is expected to face five more counts in a second trial scheduled for March 2024.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Dan Friedberg, Mark Cohen, None, Can Sun, Sam Bankman-Fried
Companies	Alameda Research, Fenwick & West, Can Sun, FTX, North Dimension
Currencies	None
Securities	None