The former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried, concluded his testimony in his criminal trial, with both the prosecution and defense preparing for closing arguments set to begin soon.
Throughout the cross-examination of the former billionaire, the prosecution has managed to undermine Bankman-Fried’s defense that he was unaware of the severity of the issues at FTX and its affiliate trading firm Alameda Research until the last possible moment.
U.S. Assistant Attorney Danielle Sassoon focused on events from June 2022, which is crucial because it’s when former FTX executives cooperating with the government claim they first discovered the $8 billion deficit in Alameda’s balance sheet.
Former FTX head of engineering Nishad Singh and developer Adam Yedidia recalled discussing the substantial negative balance at Alameda with Bankman-Fried, money that essentially belonged to FTX customers and was never repaid.
Bankman-Fried, however, testified on Monday that even though he was informed about the “fiat@” account at Alameda, he lacked the necessary context to grasp its significance. He maintained that it wasn’t until October 2022 that he fully comprehended the situation.
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