These are the important things that can be learned from the third day of SBF at the Witness Stand

Here are the key takeaways from Sam Bankman-Fried's third day on the witness stand:

Prosecutors on Monday showed the jury emails, tweets, interviews, press releases and congressional testimony in which FTX and Bankman-Fried assured investors that the exchange was safe and that Alameda was playing by the same rules as everyone else. Assistant US Attorney Danielle Sassoon tried to show differences in what Bankman-Fried said about FTX's risk management and involvement with Alameda before and after the exchange's collapse. Bankman-Fried said he couldn't remember and wasn't sure what he said in the past.

Bankman-Fried pushed back when prosecutors tried to show she was responsible at FTX and Alameda. When asked if he made the decisions as CEO, Bankman-Fried replied, “I called a few of them.” When asked if he was involved in an Alameda trade in 2022, Bankman-Fried responded, “depends on how you define a trade.”

Sassoon points out that the Bankman-Fried document is out of date. He brought up the testimony of former FTX executive Nishad Singh, in which he said Bankman-Fried told him to increase the exchange's revenue to $1 billion by rolling back Serum's staking fees. When he showed him a document signed on January 1, 2021, Bankman-Fried said he signed it later than that date and admitted that it probably wasn't the first time he had done something like that.

The prosecutor emphasized that SBF cultivated a certain image, by not cutting his hair and wearing T-shirts and shorts. “You think too highly of yourself?” Sasoon asked. “Yes,” Bankman-Fried answered.

source : Bloomberg