Sam Bankman-Fried testimony: FTX founder deflects blame in testimony for collapse
FTX founder Sam Bankman-Fried told the jury Monday he confronted Caroline Ellison with concerns Alameda Research could become insolvent. Former crypto billionaire Sam Bankman-Fried testified before a jury Monday at his federal fraud and conspiracy trial that he wanted FTX customers to trust him. "That would be ideal," he testified. Bankman-Fried is on trial for what federal prosecutors have described as "one of the biggest financial frauds in American history." He faces seven counts of fraud, conspiracy and money laundering centered on his alleged use of customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses. He has pleaded not guilty to all counts. If convicted, he could face a sentence of up to 110 years in prison. On cross-examination Monday, prosecutors portrayed Bankman-Fried as a hypocrite out for good publicity. Assistant U.S. Attorney Danielle Sassoon sho...