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.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Why the Crypto Industry Is So Upset About the IRS’ Proposed New Tax Reporting Rules - Ep. 575
Sam Bankman-Fried Whisperer Tiffany Fong Spills Some Tea - Ep. 574
The Chopping Block: What Does Binance’s Record $4.3 Billion Settlement Mean for Crypto? - Ep. 573
Why Financial Advisors Are So Excited About a Spot Bitcoin ETF - Ep. 572
Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So - Ep. 571
How Much Money Are Terrorists Actually Raising in Crypto? - Ep. 570
The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation - Ep. 569
How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline? - Ep. 568
The Chopping Block: Did Blur Cause a Decline in the NFT Market? - Ep. 567
A 20+ Year Sentence? Why the Evidence Against SBF Was Too Hard to Overcome - Ep. 566
Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender - Ep. 565
SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict
SBF Trial, Day 17: Closing Arguments Ask: ‘Villain or Good-Faith Actor?’
The Chopping Block: Nic Carter on Hamas’ Crypto Funding, SBF’s Courtroom Collapse, and Dramas Involving Lido and dYdX - Ep. 564
SBF Trial, Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words
SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence
Why SBF's Testimony So Far Has Likely Already Doomed Him - Ep. 563
SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection - Ep. 562
SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Børsen Morgenbriefing
Sarah Westall - Business Game Changers
Wall Street Breakfast
Money Talks from The Economist