FTX founder Sam Bankman-Fried is testifying at his fraud trial in relation to the collapse of the cryptocurrency exchange. Here are the key points from his testimony so far:
1. Many people were affected by FTX’s collapse in November 2022.
2. Bankman-Fried admitted to not having a dedicated risk-management team and making a big mistake.
3. FTX corporate funds were used for high-end housing and endorsement deals.
4. Bankman-Fried borrowed from Alameda Research to donate to political causes and make venture investments.
5. FTX users, including Alameda, could borrow money as long as their assets outweighed their liabilities.
6. Bankman-Fried defended himself against the prosecution’s portrayal of him as a villain, describing his college life as “nerdy.”
7. Bankman-Fried admitted to not prioritizing regular haircuts due to being busy and lazy.
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