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
Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision - Ep. 513
The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop - Ep. 512
Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto? - Ep. 511
The Chopping Block: Is BlackRock’s ETF Proposal Breathing Life Into Bitcoin? - Ep. 510
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF - Ep. 509
Uniswap Founder Hayden Adams on How ‘Hooks’ Make v4 Different - Ep. 508
SEC’s Hester Peirce Tackles ‘Frustrating’ Crypto Regulation – And Why It’s So Slow - Ep. 507
The Chopping Block: Why Uniswap V4 Creates a Bigger Attack Surface Area - Ep. 506
Hong Kong's New Crypto Regulation: Will It Attract the Industry? - Ep. 505
SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’- Ep. 504
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility - Ep. 503
What’s Next for Wallets After Ledger Recover Outrage? - Ep. 502
The Chopping Block: Will Modular Blockchains Win? - Ep. 501
Laura Shin Reflects on 500 Episodes of ‘Unchained’ - Ep.500
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler - Ep. 499
Ethereum L2s Are About to Be the Hot New Thing in NFTs - Ep.498
The Chopping Block: Why Everyone Is Talking About EigenLayer - Ep. 497
Ex-CFTC Commissioner Berkovitz Says ‘DeFi Should Be Regulated’ – But How? - Ep. 496
The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin - Ep. 495
The Ugly Tradeoffs of Ledger’s New Recovery Service - Ep. 494
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