Consequences Ripple Through Crypto Community as Investors Experience Significant Losses

Defense attorneys representing Sam “SBF” Bankman-Fried questioned the former FTX CEO before a jury for the first time as they prepared to rest their case.

According to reports from the New York courtroom on Oct. 27, Bankman-Fried denied defrauding FTX customers and taking their funds while leading the crypto exchange. The former CEO reportedly said he knew “basically nothing” about digital assets when launching crypto hedge fund Alameda Research.

“FTX declared bankruptcy,” said SBF in response to a question from his lawyer, Mark Cohen. “A lot of people got hurt.”

Before Oct. 25, Bankman-Fried’s testimony in the criminal trial was uncertain. As prosecutors were preparing to finish questioning the last witness in their case, defense attorneys told Judge Lewis Kaplan they were preparing to call only a handful of witnesses, including SBF.

The trial is expected to end within a few business days, with prosecutors and defense lawyers delivering closing arguments to the jury. Bankman-Fried is scheduled to face five more criminal counts in a second trial expected to start in March 2024. He has pleaded not guilty to all charges in both cases.

– [Tweet from Inner City Press](
– [Can you trust crypto exchanges after the collapse of FTX?](

This is a developing story, and further information will be added as it becomes available.

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top