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FTX founder Sam Bankman-Fried acknowledges in court docket that clients have been harm however denies fraud – Each day Information


NEW YORK — Sam Bankman-Fried, testifying at his fraud trial, forged himself Friday as a bumbling cryptocurrency visionary who knew nothing in regards to the business when he began FTX, nothing about advertising and marketing when he turned the face of his firm and never sufficient about his companies to comprehend his firm was $10 billion within the gap earlier than it collapsed.

Minutes right into a five-hour day on the witness stand in Manhattan federal court docket, the onetime cryptocurrency golden boy denied he defrauded anybody.

Bankman-Fried, 31, acknowledged some failures, saying he made errors, massive and small, however he additionally tried to counter testimony by 4 former prime executives who blamed him for the collapse of his companies final yr when a rush of shoppers withdrew their cash, exposing that billions of {dollars} have been lacking.

“We thought we would be capable of construct one of the best product available on the market” and transfer the cryptocurrency system ahead, he stated.

“It turned out mainly the other of that,” and lots of clients and others bought harm, Bankman-Fried stated.

Requested by his lawyer, Mark Cohen, if he defrauded anybody or took clients’ funds, Bankman-Fried answered, “No I didn’t.”

Principally unemotional on the witness stand, Bankman-Fried famous at one level: “I don’t have a tendency to point out lots of freakoutness.”

Because the day wore on, testimony centered on what occurred as Bankman-Fried’s companies sank deeper in debt, at the same time as he spent tons of of thousands and thousands of {dollars} on advertising and marketing that included a 2022 Tremendous Bowl industrial that includes comic Larry David, a partnership with quarterback Tom Brady and a agency that linked him to celebrities.

Bankman-Fried stated he was “very shocked” to study Alameda’s money owed have been so massive.

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