Sam Bankman-Fried Thought Accepting FTX Deposits Was Legal

27/10/2023

Sam Bankman-Fried, the former CEO of FTX, testified in his criminal trial that he believed taking FTX deposits through Alameda Research was legal. Bankman-Fried took the stand during his trial, which revolves around allegations of fraud related to his handling of FTX deposits. The case arose when FTX's balance sheet showed discrepancies, with substantial liabilities and deficits. Bankman-Fried's testimony may indicate his intent to maintain his not guilty stance, suggesting that the transfer of FTX deposits to Alameda was not fraudulent but a legal action.

Resource: https://coingape.com/sam-bankman-fried-says-he-believed-taking-ftx-deposits-was-legal/