Current:Home > InvestProsecutor takes aim at Sam Bankman-Fried’s credibility at trial of FTX founder-Angel Dreamer Wealth Society D1 Reviews & Insights
Prosecutor takes aim at Sam Bankman-Fried’s credibility at trial of FTX founder
View Date:2024-12-23 22:44:27
NEW YORK (AP) — A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.
Assistant U.S. Attorney Danielle Sassoon confronted Bankman-Fried with instances in which he’d promised customers that their assets would be safe and that they could demand those assets to be returned at any time.
Repeatedly, Bankman-Fried answered the series of questions with a rapid “Yep.”
Bankman-Fried, 31, has been on trial for the past month on charges that he defrauded his customers and investors of billions of dollars. He has pleaded not guilty to charges that carry a potential penalty of decades in prison.
The California man gained a level of fame from 2017 to 2022 as he created the Alameda Research hedge fund and FTX, building a cryptocurrency empire that became worth tens of billions of dollars. For a time, he seemed to be transforming the emerging industry by conforming to his publicly stated vision of a more regulated and safe environment for users.
Through her line of questioning, Sassoon tried to show that Bankman-Fried’s public statements were false and that he promised customers that their accounts were safe while he looted them, spending lavishly on real estate, celebrity-laden promotions, investments and political contributions.
In one instance, she asked him if he’d used profanity in speaking about regulators — even as he was trying to convince Congress to bring more legitimacy to the cryptocurrency industry by setting up a regulatory framework.
“I said that once,” he answered when she offered a specific example.
And when Sassoon asked if his pursuit of regulations was just an attempt at garnering positive public relations, he answered: “I said something related to that, yes.”
Before cross-examination began on Monday, Bankman-Fried testified that he believed his companies could withstand the daily withdrawal of billions of dollars in assets until several days before they could not.
Bankman-Fried was arrested last December on fraud charges. Initially freed on a $250 million personal recognizance bond to live with his parents in Palo Alto, California, he was jailed in August when Judge Lewis A. Kaplan became convinced that he had tried to tamper with potential trial witnesses.
He began testifying on Thursday. Kaplan has told jurors that the trial might be completed as early as this week.
veryGood! (3317)
Related
- Opinion: Chris Wallace leaves CNN to go 'where the action' is. Why it matters
- Climate Advocates Hoping Biden Would Declare a Climate Emergency Are Disappointed by the Small Steps He Announced on Wednesday
- One winning ticket sold for $1.08 billion Powerball jackpot - in Los Angeles
- The Justice Department adds to suits against Norfolk Southern over the Ohio derailment
- Florida State can't afford to fire Mike Norvell -- and can't afford to keep him
- Titanic Actor Lew Palter Dead at 94
- Define Your Eyes and Hide Dark Circles With This 52% Off Deal From It Cosmetics
- Thousands of Amazon Shoppers Say This 50% Off Folding Makeup Mirror Is a Must-Have
- Kentucky woman seeking abortion files lawsuit over state bans
- We grade Fed Chair Jerome Powell
Ranking
- UConn, Kansas State among five women's college basketball games to watch this weekend
- Lift Your Face in Just 5 Minutes and Save $75 on the NuFace Toning Device
- As Passover nears, New York's AG warns Jewish customers about car wash price gouging
- Investigators looking into whether any of the Gilgo Beach murder victims may have been killed at home suspect shared with his family
- Texas’ 90,000 DACA recipients can sign up for Affordable Care Act coverage — for now
- Amanda Seyfried Gives a Totally Fetch Tour of Her Dreamy New York City Home
- Even Kate Middleton Is Tapping Into the Barbiecore Trend
- Major effort underway to restore endangered Mexican wolf populations
Recommendation
-
Nearly 80,000 pounds of Costco butter recalled for missing 'Contains Milk statement': FDA
-
Michigan clerk stripped of election duties after he was charged with acting as fake elector in 2020 election
-
Clowns converge on Orlando for funny business
-
Biden Promised to Stop Oil Drilling on Public Lands. Is His Failure to Do So a Betrayal or a Smart Political Move?
-
Chiefs block last-second field goal to save unbeaten record, beat Broncos
-
GEO Group sickened ICE detainees with hazardous chemicals for months, a lawsuit says
-
The cost of a dollar in Ukraine
-
Rob Kardashian Makes Social Media Return With Rare Message About Khloe Kardashian