Yesterday, Thursday, October 19, Sam Bankman-Fried sought justification for the missing funds before the collapse of the exchange as FTX’s ex-general counsel, Can Sun, testified that he was misled repeatedly by Bankman-Fried.
Before commencing the trial last Tuesday, the prosecutors promised to use testimony from the trusted inner circle of Sam Bankman-Fried.
The testimony aims for the prosecutors to prove that Bankman-Fried intentionally stole the investors’ and customers’ funds and lied about their actions.
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Fast Facts
- Can Sun testify that he has been led the merry-go-round by the former FTX CEO Bankman-Fried since 2021 until last year?
- Previously, in August 2021, Sun, a Yale Law graduate, joined FTX and was assigned the job of revamping FTX’s terms of service.
- Sun clearly explained to the prosecutors the sections of the terms of services, which specifically showed that the exchange would never borrow or move their funds without permission.
- In addition, Sun gave several examples to the prosecutors, including FTX’s core principles, which Bankman-Fried used to assure him that customer’s funds were sacred.
- According to Sun’s testimony, he was so convinced that he frequently told investors and others that the Alameda Research Institute and FTX exchange were two separate bodies because of Bankman-Fried’s brainwashing.
- However, during the middle of last year, Sun began to notice a series of inconsistencies in their operations and was shocked since it was against everything they had previously told the regulators and requested that they be changed.
- They include the undocumented transfer of millions of dollars to Ryan Salame, former FTX executive and Bankman-Fried. Sun went further to say that it was in either August or September last year that he discovered that Alameda Research Institute has special privileges in FTX.
- According to Sun, after all these discoveries, he still stayed with FTX, hoping things were being changed. However, he had to speak out when he finally discovered a significant error he could not overlook on November 7 last year.
What’s Happening In Crypto Today?
At the time of this writing, Bitcoin price has risen to $29,570.12, with a slight increase in market cap by 3.68% and an increase in volume by 101.94%.
On the other hand, Ethereum is currently trading at $1,607.88 while recording a 3.41% increase in market cap and a 57.94% increase in trading volume.
- While Polygon now sells at $0.5382 with a rise in market cap by 5.52% and an increase in trading volume by 52.59%.
- On the other hand, Wrapped Bitcoin is changing hands at $29,565.70, with a slight rise in market cap by 3.87% and an increase in trading volume by 187.87%.
- Meanwhile, Bitcoin Cash sells at $240.06, with a slight rise in market cap by 4.92% and an increase in trading volume by 95.27%.
