FTX founder Sam Bankman-Fried testified before Judge Kaplan and a jury in a New York federal court claiming his team sometimes made decisions out of his purview and against his instructions.
Following a fraught mock testimony for Bankman-Fried, Judge Lewis A. Kaplan of the Southern District of New York ruled to allow FTX’s data retention policy during cross-examination.
The policy was supposedly drafted by the defendant’s general counsel Daniel Friedberg and speaks to the Signal auto-delete feature used by Bankman-Fried’s companies for internal communications, per InnerCityPress.
The FTX founder fielded an advice-of-counsel defense built around shifting blame to his legal representatives at the time. It’s unclear if this strategy will ultimately yield Bankman-Fried a not guilty verdict.
Ellison accused of not hedging
Bankman-Fried categorically stated that he did not commit fraud at FTX, the crypto exchange he co-founded with his childhood buddy Gary Wang, or at Alameda Research, a trading firm with a massive role in FTX’s general operations.
The defendant said he earned $200,000 after starting Alameda from a Berkley office in 2017 at a time when crypto was increasingly capturing the world’s attention.
Within 18 months, B
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Author: Naga Avan-Nomayo
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