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Testimonies in the ongoing trial against SBF, the founder of cryptocurrency exchange FTX, have shed light on the alleged misuse of customer funds. Witnesses, including FTX employees and customers, have testified about excessive spending and the discovery of an $8 billion hole in FTX's balance sheet. The trial exhibits also revealed scheduled meetings between SBF and prominent figures like Bill Clinton and a New York State Governor. Experts have testified about the financial flows of FTX and its affiliated company Alameda, showing how $9 billion of customer money was spent on venture capital, real estate, and donations. The former general counsel of FTX testified about internal discussions regarding a $7 billion hole in FTX's balance sheet. The trial has also uncovered allegations that SBF asked the FTX general counsel to create a 'legal justification' for using billions in customer funds amid the collapse. The trial continues to unfold as more evidence is presented.
SBF asked FTX general counsel to create ‘legal justification’ for using billions in customer funds amid collapse: https://t.co/LBwOZJf9yx by TechCrunch #infosec #cybersecurity #technology #news
In the SBF trial, the former general counsel of FTX testified about the internal discussions at FTX with SBF, Nishad Singh and others on Nov 7 as he and a few others became aware that there was what he thought was a $7 billion hole in FTX’s balance sheet. https://t.co/TzGOHNw3SX
to those who haven’t followed the sbf trial, the summary is basically this: while it was pretty clear when ftx collapsed that sbf and others had knowingly commingled customer funds, it wasn’t clear when this had started and how much of it just ”kinda happened” following this… https://t.co/4PuVz4rhP2
On Wednesday in the criminal trial of SBF, experts testified about the financial flows of FTX and Alameda, showing how the exchange spent $9 billion of customer money on VC, real estate, and donations. Also, the judge reprimanded the prosecution for bringing witnesses whose… https://t.co/AsbMDm4Gyn
SBF trial exhibits yesterday: DOJ proves venue via emails including this one showing Bankman-Fried scheduling facetime with NYS Governor just before (corrupt) UN General Assembly week 2022 as FTX customers' money was potlatched (see earlier https://t.co/AwkGyEyyL9 https://t.co/6MQAlFGtVW
SBF trial exhibits (much) earlier today: DOJ proves venue via emails including this one showing Bankman-Fried scheduling facetime with Bill Clinton at Clinton Initiative parallel to (corrupt) UN General Assembly week 2022 as FTX customers' money was potlatched https://t.co/sxjwpvy9Vn
Inside the trial: SBF had meeting scheduled with Bill Clinton weeks before FTX crash https://t.co/7NuFjLsYi3
US v. SBF: Nishad Singh says SBF used customer funds for spending sprees that "reeked of excess" and he learned of an $8B hole two months before FTX collapsed (New York Times) https://t.co/bJsKEt9JKz 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/3t6uN3mxpL
In day 9 of the SBF trial, Nishad Singh’s described an organization that allegedly defrauded FTX customers and Sam Bankman-Fried’s dismissiveness toward senior managers who expressed concerns about the firm’s balance sheet. @httpsageyd writes https://t.co/w7gHy4CTrT
Witnesses on deck for the SBF Trial: -Elan Dekel, FTX customer -Rich Busick, FBI agent -Nishad Singh, FTX head of engineering -Ramnik Arora, FTX head of product -Delaney Ornelas, Alameda employee -Tareq Morad, FTX customer i think Ramnik may be the other witness that got… https://t.co/EMcQKvYtjk https://t.co/w9HUHFp1CM