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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Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa - Ep. 531
Will PayPal's PYUSD Steal Market Share From Tether and Circle? - Ep. 530
The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions - Ep. 529
Orb Outrage: Worldcoin Cofounder Defends Project Amid Backlash - Ep. 528
What Does the Curve Crisis Say About DeFi? - Ep. 527
The Chopping Block: Who’s to Blame for the Curve Hack? - Ep. 526
Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin - Ep. 525
Rep. Ritchie Torres on Why Congress Should Make Clear Crypto Laws - Ep. 524
The Chopping Block: NFA for Founders, Worldcoin and UniswapX Launch, Hamster Racing - Ep. 523
Two VCs on Why This Is the Perfect Time to Invest in Crypto - Ep. 522
Why the SEC Doesn’t Want the Ripple Case to Go to the Supreme Court - Ep. 521
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress - Ep. 520
The Chopping Block: Should XRP Holders Really Be Rejoicing? - Ep. 519
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now? - Ep. 518
The Chopping Block: Will Tokenizing RWAs Finally Click This Time? - Ep. 517
When AI and Blockchain Meet, How Can Each Technology Benefit? - Ep 516
Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For? - Ep. 515
ERC-6551: Is This the Next Big Leap in NFT Innovation? - Ep. 514
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