Sam Bankman-Fried denied defrauding FTX users during the trial
The jury in the criminal trial of Sam “SBF” Banman-Fried heard the former FTX CEO's testimony for the first time, which mostly involved denying knowledge of fraudulent activities at the crypto exchange.
According to reports from a New York court on October 27, Banman-Fried, a former chief technology officer at FTX, Wang was partially responsible for creating the “Allow Negative” button for Alameda Research. The feature gives crypto hedge funds the ability to trade more money than ever before.
“I wasn't entirely sure what happened at the time,” Banman-Fried reportedly said of Alameda's line of credit. I thought the funds were held in a bank account or sent to FTX in Stablecoins. If Alameda is expecting it, I thought it would be reflected as a negative number on FTX.
This is a developing story, and more information will be added as it becomes available.
