Title: Crypto Exchange Founder Sam Bankman-Fried Takes the Stand in Fraud Trial
In the latest update from the world of cryptocurrency, the founder of the failed cryptocurrency exchange FTX, Sam Bankman-Fried, testified in his criminal fraud trial. Last week, Bankman-Fried had the opportunity to take the stand on two separate occasions, both without a jury present and in front of the jurors.
During the first instance, the US District judge asked the jurors to leave the courtroom as Bankman-Fried’s evidence was heard to determine admissibility. Assistant US Attorney Danielle Sassoon questioned the former CEO, who was criticized the judge for evasiveness and avoiding certain questions. Bankman-Fried also admitted to only skimming through the FTX Terms of Service, rather than thoroughly reading them.
In a subsequent hearing in front of the jury, Bankman-Fried was questioned his attorney, Mark Cohen. When asked if he had defrauded FTX’s customers or taken their funds, Bankman-Fried firmly denied the allegations. He expressed his initial goal of making FTX the top crypto-exchange platform but acknowledged that the situation had turned sour, leading to accusations of billions of dollars being stolen from customers.
Unlike his behavior during the first hearing, Bankman-Fried adopted a cooperative and clear approach in front of the jurors. His testimony shed light on his intentions and goals for FTX.
In addition to the trial updates, there have been notable developments in the crypto market. Bitcoin and Ethereum, the leading cryptocurrencies, have experienced substantial gains. Bitcoin has rallied 12.87% in the past week, reaching $34,498, while Ethereum is close to its goal of $2,000, with a 6.48% increase to $1,794. Other coins have also benefited from this upward trend, such as Binance Bucks BNB, which saw a 3.47% increase to $227.22, and XRP, with a 5.52% increase, securing the 5th spot in the market.
As the trial continues, the crypto community will be closely watching the outcome of Bankman-Fried’s case. This news brings attention not only to the trial itself but also to the ongoing developments in the cryptocurrency market.
Image sources:
– CryptoWatch: Tech Times (https://1734811051.rsc.cdn77.org/data/images/full/416403/cryptowatch.png?w=820)
– Sam Bankman-Fried: Alex Wong/Getty Images (https://1734811051.rsc.cdn77.org/data/images/full/416981/sam-bankman-fried.jpg?w=820)
– Isaiah Richard: Tech Times (https://1734811051.rsc.cdn77.org/data/images/full/433205/isaiah-richard.png?w=820)
(Disclaimer: The content presented above is based on the available information and is subject to change. This article does not constitute financial advice.)