Sam Bankman-Fried (SBF), former CEO of FTX, testified on October 27 regarding political donations from the crypto exchange. According to audience reportsBankman-Fried clarified that he never had any discussions with Nishad Singh, former director of engineering at FTX, or Ryan Salame, former co-CEO of FTX Digital Markets, regarding donations to US politicians.
Significantly, SBF emphasized that contributions made on its behalf were the result of “loans from Alameda Research.” This was a strategic move to potentially influence the US government’s stance on cryptocurrency regulation. However, he mentioned: “Some were (supporters) of FTX for lobbying cryptocurrencies. Some, not most.
Sam Bankman-Fried reveals his relationship difficulties to Cohen
Besides her professional relationships, Bankman-Fried’s personal life also became a topic of discussion. Mark Cohen, the defense lawyer, looked into the reasons for the end of SBF’s relationship with Caroline Ellison. Bankman-Fried’s candid response highlighted a recurring problem in her relationships, saying: “She wanted more than I could give.”
It wasn’t the first time with me. Ellison, for his part, felt that the relationship was deteriorating due to the limited time SBF gave him. Additionally, on a lighter note, when Cohen brought up the subject of SBF’s casual style, the former FTX CEO simply stated that his hair was a result of his inherent laziness and that he found wearing T-shirts and more comfortable shorts.
SBF rejects allegations of financial misconduct
Additionally, Bankman-Fried strongly refuted claims suggesting fraudulent use of FTX users’ funds. Accusations had been perceived that he led efforts by Alameda, allowing the company to misuse customer funds.
Gary Wang, former CTO of FTX, and a few others testified that SBF had authorized Alameda to negotiate with more funds than it had access to. However, the final verdict depends on the outcome of cross-examination by US Justice Department lawyers, which is expected to conclude next week.