Sam Bankman-Fried trial gives jury inside view of FTX's final days
© Reuters. FTX founder Sam Bankman-Fried is questioned by defense lawyer Mark Cohen during his fraud trial over the collapse of the bankrupt cryptocurrency exchange, before U.S. District Judge Lewis Kaplan at federal court in New York City, U.S., October 31, 2023 in
Prosecutors say Bankman-Fried used customer funds to pay lenders to his Alameda Research hedge fund, and that his false assurances to anxious customers in November 2022 were a critical part of his fraud scheme. With withdrawals piling up, former FTX chief technology officer Gary Wang testified that Singh - a 2017 graduate of the University of California at Berkley - knocked on the door to his bedroom in the $35 million penthouse apartment they shared with seven other FTX and Alameda employees in the Bahamas, where the exchange was based.
Bankman-Fried then created a Signal group of executives to discuss"potential fundraising," Ellison testified. Early on Nov. 7, Bankman-Fried sent tables estimating customer funds at $12 billion, about $8 billion more than the $3.9 billion in cash FTX could pull together within a week.
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