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Prosecutors Evoke FTX Founder Sam Bankman-Fried's Statements to Undermine His Defense
Sam Bankman-Fried's previous statements are now working against him in the fraud trial in Manhattan.
In the ongoing trial of FTX founder Sam Bankman-Fried, his previous public statements and actions have come back to haunt him. During his high-flying days when FTX was at its peak, Bankman-Fried was known for his relentless communication with the public through tweets, TV interviews, and congressional pronouncements.
Now, as he faces a fraud trial in Manhattan, federal prosecutors are using his own words against him. On the second day of his testimony, prosecutor Danielle Sassoon relentlessly grilled Bankman-Fried for over four hours, pointing out inconsistencies between his public statements and his management of FTX, which spectacularly collapsed in November.
Bankman-Fried, who is 31, responded with curt "yeps" and "nos," and often claimed not to remember much of what he had said publicly, especially regarding FTX's handling of customer deposits and conflicts of interest within his businesses. This cross-examination revealed discrepancies in his claims, potentially damaging his credibility with the jury, consisting of nine women and three men who will decide his fate.
Prosecutor Sassoon displayed statements on a large projector screen, illustrating how Bankman-Fried would publicly state one thing and then act differently in private. She even had him recount FTX's outreach to government officials and then asked him to repeat private messages where he dismissed regulators with an expletive.
Bankman-Fried's testimony was highly anticipated, as it shed light on the hubris and risk-taking prevalent in the crypto industry. Once a prominent figure in the crypto world, he is now often compared to notorious fraudsters like Elizabeth Holmes of Theranos.
Taking the stand was a risky move, as criminal defendants typically avoid testifying to prevent prosecutors from questioning them. However,
#CryptoBullCycle #CryptoNews🔒📰🚫 #CryptoWealt #CryptoFrenzy #newsbinance
Sam Bankman-Fried's previous statements are now working against him in the fraud trial in Manhattan.
In the ongoing trial of FTX founder Sam Bankman-Fried, his previous public statements and actions have come back to haunt him. During his high-flying days when FTX was at its peak, Bankman-Fried was known for his relentless communication with the public through tweets, TV interviews, and congressional pronouncements.
Now, as he faces a fraud trial in Manhattan, federal prosecutors are using his own words against him. On the second day of his testimony, prosecutor Danielle Sassoon relentlessly grilled Bankman-Fried for over four hours, pointing out inconsistencies between his public statements and his management of FTX, which spectacularly collapsed in November.
Bankman-Fried, who is 31, responded with curt "yeps" and "nos," and often claimed not to remember much of what he had said publicly, especially regarding FTX's handling of customer deposits and conflicts of interest within his businesses. This cross-examination revealed discrepancies in his claims, potentially damaging his credibility with the jury, consisting of nine women and three men who will decide his fate.
Prosecutor Sassoon displayed statements on a large projector screen, illustrating how Bankman-Fried would publicly state one thing and then act differently in private. She even had him recount FTX's outreach to government officials and then asked him to repeat private messages where he dismissed regulators with an expletive.
Bankman-Fried's testimony was highly anticipated, as it shed light on the hubris and risk-taking prevalent in the crypto industry. Once a prominent figure in the crypto world, he is now often compared to notorious fraudsters like Elizabeth Holmes of Theranos.
Taking the stand was a risky move, as criminal defendants typically avoid testifying to prevent prosecutors from questioning them. However,
#CryptoBullCycle #CryptoNews🔒📰🚫 #CryptoWealt #CryptoFrenzy #newsbinance
"This is a small internal application used for testing. Not an announcement. Not related to yesterday's teaser.
We'll reveal it [yesterday's teaser] tomorrow at Binance Blockchain Week."
@CZ about the news about Binance Messenger.
#BinanceSquareTalks #messenger #newsTrading #newsbinance #Blockchainweek
We'll reveal it [yesterday's teaser] tomorrow at Binance Blockchain Week."
@CZ about the news about Binance Messenger.
#BinanceSquareTalks #messenger #newsTrading #newsbinance #Blockchainweek
Upcoming Events and Token Unlocks
In this section, we have summarized notable events and upcoming token unlocks for the month. We hope this will help monitor key developments in the space and keep track of unlock events.Notable events in November 2023Source: Binance ResearchLargest token unlocks in US$ termsSource: TokenUnlocks, Binance Research#Latestcryptonews #newsTrading #newsbinance
#Daily #newsbinance
After a little over a year of bankruptcy proceedings, bitcoin mining company Core Scientific has completed its reorganization requirements. The firm announced its relisting on the Nasdaq on Wednesday.
Core Scientific (CORZ) shares immediately plummeted more than 30% after the opening bell Wednesday, dipping to around $3.50 from their opening price of $5.89.
The company filed for bankruptcy in December 2022 after struggling to cover debt obligations after bitcoin lost more than 60% of its value from 2021. Core was among several mining operations that took out high-interest loans to fund growth amid the 2021 bull market.
SEC Delays BlackRock Spot Ethereum ETF
According to #BreakingNews information, the SEC postponed BlackRock's spot Ethereum ETF application.
If approved, iShares Ethereum Trust, which will be listed on Nasdaq, will provide investors with access to the second largest cryptocurrency, Ethereum, without directly owning it.
BlackRock plans to convert its existing trust into a “spot” ETF; This means that it will directly own ETH instead of futures tied to ETH.
While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.
After a little over a year of bankruptcy proceedings, bitcoin mining company Core Scientific has completed its reorganization requirements. The firm announced its relisting on the Nasdaq on Wednesday.
Core Scientific (CORZ) shares immediately plummeted more than 30% after the opening bell Wednesday, dipping to around $3.50 from their opening price of $5.89.
The company filed for bankruptcy in December 2022 after struggling to cover debt obligations after bitcoin lost more than 60% of its value from 2021. Core was among several mining operations that took out high-interest loans to fund growth amid the 2021 bull market.
SEC Delays BlackRock Spot Ethereum ETF
According to #BreakingNews information, the SEC postponed BlackRock's spot Ethereum ETF application.
If approved, iShares Ethereum Trust, which will be listed on Nasdaq, will provide investors with access to the second largest cryptocurrency, Ethereum, without directly owning it.
BlackRock plans to convert its existing trust into a “spot” ETF; This means that it will directly own ETH instead of futures tied to ETH.
While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.
VIP NEWS
Kenyan Blockchain Association Told to Help Draft Regulation Bill, 'Demystify' Crypto.
#newsTrading #newsbinance #NewSignal #NewsAlert #News
Kenyan Blockchain Association Told to Help Draft Regulation Bill, 'Demystify' Crypto.
#newsTrading #newsbinance #NewSignal #NewsAlert #News