NEW YORK (AP) — FTX founder Sam Bankman-Fried testified at his New York trial on Friday, denying that he defrauded anyone but acknowledging that the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead.
“It turned out basically the opposite of that,” and a lot of customers and others got hurt, Bankman-Fried said.
After the jury was sent home Thursday, Bankman-Fried testified in front of the judge about his communications with lawyers as he built his cryptocurrency empire.
The executives testified that Bankman-Fried directed them to spend billions of dollars taken from the accounts of FTX customers and funneled through Alameda Research, a hedge fund he started in 2017, two years before he created the FTX cryptocurrency exchange.
___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried
Persons:
— FTX, Sam Bankman, Fried, Mark Cohen, “, Judge Lewis A, Kaplan, ” Kaplan
Organizations:
Prosecutors, Alameda Research
Locations:
York, Manhattan, California, Bahamas, Bankman, New York, Palo Alto , California, Alameda