Crypto Updates

Sam Bankman-Fried Faces Cross-Examination

The Rise, the Fall and the Reaction

During his ongoing criminal trial, Sam Bankman-Fried
(SBF) faced some tough questions from New York prosecutors today (Monday). The
once prominent figure in the crypto industry found himself cross-examined on
his past statements and admissions, including derogatory remarks about certain
crypto investors and his candid comments on crypto regulation.

The Financial Times reported that during the cross-examination,
prosecutors presented SBF with tweets, media interviews, and sworn testimony,
which he claimed were not related to the running of the defunct crypto

These statements were in stark contrast to the
eventual collapse of the exchange, leaving customers with an astounding $8
billion in missing deposits. Notably, SBF admitted to uttering derogatory
comments against FTX’s investors. He also confessed to downplaying his advocacy
for crypto regulation as mere “PR” shortly before his arrest in

SBF’s inconsistent claims further deepened the
mystery surrounding FTX’s collapse. In an interview, he had claimed not to be
“involved at all” in the management of FTX’s affiliated hedge fund,
Alameda Research. However, he later acknowledged his participation in
discussions about the firm’s trading strategy.

Besides that, the trial revealed that, just days
before FTX collapsed, SBF believed the exchange had a solid balance sheet with
no shortfall. On November 7, 2022, he…

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…