On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX's terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company's collapse.
Sun's testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun's suspicions that Alameda Research had misappropriated FTX customer deposits.
The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm’s decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama.
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Bitcoin’s BRC-20 Mania: Is It Sustainable? - Ep. 493
The Chopping Block: Do Aragon Association Members Get 'Fat Salaries' With 'Zero Accountability'? - Ep. 492
The IRS Wants $44B From Bankrupt FTX. How Is That Possible? - Ep. 491
Writing the Book on FTX’s Downfall: ‘It Was All Just Sam’ - Ep. 490
$630M Due Next Week: Is DCG at Default Risk? - Ep. 489
Do You Need to Think Twice Before Restaking Your Assets? - Ep. 488
The Chopping Block: Why Are We Still Building Layer 1s? - Ep. 487
Coinbase's Legal Action Against the SEC: How It Will Likely Unfold - Ep. 486
Gary Gensler vs. Crypto: What Will the SEC Attack Next? - Ep. 485
The Chopping Block: Are Layer 2s Stealing Ethereum’s Thunder? - Ep. 484
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer - Ep. 483
Why MEV Will Always Be Controversial - Ep. 482
The Chopping Block: Are VCs Bad for Crypto? - Ep. 481
Laura’s 10-Year Anniversary of Self-Employment: A Personal Message
Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? - Ep. 480
Are DAOs Strong Enough to Survive the Regulators? - Ep. 479
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ - Ep. 478
The Chopping Block: Is Ether the Only ‘Organic Yield’ in Crypto? - Ep. 477
Is the Government Trying to Kill Off Crypto in the US? - Ep. 476
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475
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