Sam Bankman-Fried, founder of collapsed crypto exchange FTX, took the stand without the jury present to preview his potential defense. He told the judge he relied on legal advice when making certain business decisions that prosecutors allege allowed him to commit crimes. These decisions included deleting communications and making loans to himself. Bankman-Fried said lawyers had blessed these actions. The trial continues over the collapse of FTX, which filed for bankruptcy last month after experiencing a liquidity crisis. Prosecutors accuse Bankman-Fried of scheming to commit fraud and misuse client funds.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 Sam Bankman-Fried, founder of collapsed crypto exchange FTX, took the stand without the jury
00:06 present to preview his potential defense.
00:09 He told the judge he relied on legal advice when making certain business decisions the
00:12 prosecutors alleged allowed him to commit crimes.
00:15 These decisions included deleting communications and making loans to himself.
00:18 Bankman-Fried said lawyers had blessed these actions.
00:21 The trial continues over the collapse of FTX, which filed for bankruptcy last month after
00:25 experiencing a liquidity crisis.
00:28 Prosecutors accused Bankman-Fried of scheming to commit fraud and misuse client funds.
00:31 For all things money, visit Benzinga.com.
00:33 (upbeat music)