Testimony Highlights: What Did Bankman-Fried Say?
In a courtroom drama fit for a Netflix series, Sam Bankman-Fried, the former CEO of FTX, took the stand and delivered what can only be described as a ‘who me?’ moment. On October 27, he denied any knowledge of the alleged fraudulent machinations at his own crypto exchange, suggesting instead that others were to blame for the dubious decisions made under his watch.
The “Allow Negative” Button: Who’s Responsible?
Bankman-Fried didn’t just throw shade; he went full-on solar eclipse, pointing fingers at Gary Wang, the erstwhile CTO of FTX. According to SBF, it was Wang who concocted the now-infamous “allow negative” button that allowed Alameda Research to trade funds they didn’t even have. “At the time, I wasn’t entirely sure what was happening,” Bankman-Fried lamented. Because who doesn’t like trading imaginary money, right?
The Team Dynamics: A Love-Hate Relationship?
When it came to his former colleagues at Alameda, Bankman-Fried’s sentiments were mixed. While he praised Caroline Ellison and Sam Trabucco as a “good team”, he threw a little shade at Ellison’s credentials: “She was good at doing research, but she had not focused on risk management.” Sounds like someone was playing the blame game while making it clear who was the ‘smart’ one in the room.
Contradictions Galore
Now, here’s where things get juicy. SBF’s testimony didn’t quite align with the accounts given by Wang and Ellison. Wang had previously testified that he implemented the “allow negative” feature after receiving direct orders from Bankman-Fried. Meanwhile, Ellison claimed she was nudged to stay on as CEO by SBF himself because of the financial drama unraveling behind the scenes. Talk about a plot twist!
Looking Ahead: What’s Next for SBF?
The trial, which kicked off on October 3, is approaching its final scenes, with the defense expected to wrap up their questioning soon. With Bankman-Fried pleading not guilty to all charges—seven in total, mind you—things are heating up as the jury prepares to deliberate. Let’s just say this isn’t the last we’ll hear of SBF, since he’s also gearing up for a second trial in March 2024 on five more charges. *Drumroll, please!* He’s apparently not done making headlines yet.
