The FTX founder says a lot of people ‘got hurt’ when the cryptocurrency exchange collapsed last year.
FTX founder Sam Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy.
“We thought that we might be able to build the best product on the market,” Bankman-Fried testified in Manhattan federal court. “It turned out basically the opposite of that. A lot of people got hurt – customers, employees – and the company ended up in bankruptcy.” Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. He was arrested in December 2022, one month after FTX declared bankruptcy following a wave of customer withdrawals. If convicted, he could face decades in prison.
However, Bankman-Fried said he was not aware of how exactly his decisions as chief executive officer were carried out by his colleagues. Three close former colleagues have pleaded guilty and testified that they committed financial crimes at Bankman-Fried’s behest. He said he asked them to build a feature that would stall any automatic liquidation, and said he did not know at the time that what his colleagues put in place was a feature that allowed Alameda to carry a negative balance on the exchange.
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