On the second day of cross-examination from the protection, Sam Bankman-Fried said that he didn’t know FTX money was missing. Indeed, the co-founder of the collapsed crypto exchange reiterated throughout the day on Tuesday that he had no knowledge of the billions worth of customer funds that had been misappropriated.
The prosecution is set to rest their case in the highly publicized fraud trial. Subsequently, Bankman-Fried has continued to plead ignorance regarding the fraudulent activity that took place at the company. During his testimony, he confirmed he had no knowledge of missing funds until shortly after the company collapsed.
Bankman-Fried Says He Had No Knowledge of Missing FTX Funds
The trial of Sam Bankman-Fried has seemingly engrossed much of the public and the entire digital asset industry. Indeed, the proceedings are set to decide the guilt or innocence of the former CEO, whose company collapsed last year. Now, amid his testimony to the prosecution, he has continued to assert his ignorance of illegal happenings.
Specifically, Bankman-Fried says that he didn’t know the FTX money was missing until the collapse of the exchange. Danielle Sasson, a federal prosecutor, asked Bankman-Fried if he told employees of his rampant spending with FTX customer funds. Thereafter, Blankman-Fried was unable to name employees who had been authorized to spend the money.
“I don’t recall giving any direction,” Bankman-Fried responded three times, according to reports of the proceedings. Both sides rested their cases Tuesday, as closing arguments are set to take place on Wednesday. Conversely, testimony made today represented the third day that Bankman-Fried was on the stand.
Bankman-Fried is facing life in prison for his role in the missing customer funds. Moreover, he is being accused of using nearly $10 billion of customer funds for his own spending habits. This ranged from real estate to celebrity investments, funneled through Bankman-Fried’s hedge fund, Alameda Research.