FTX CEO Acknowledges People's Suffering and Speaks up During Trial as a "Crypto King"

During his fraud trial, former crypto boss Sam Bankman-Fried admitted that "a lot of people got hurt" when the cryptocurrency exchange he founded, FTX, collapsed. Bankman-Fried, who is accused of fraudulently deceiving investors, lenders, and customers, acknowledged that he had made mistakes while running the exchange. However, he denied the charges against him and claimed that he had acted in good faith. Bankman-Fried stated that he had hoped to create the best product in the market but ended up bankrupting the company, causing harm to customers, employees, and investors. In an unprecedented hearing, Bankman-Fried began testifying after the jury was dismissed for the day. US District Judge Lewis Kaplan requested a preview of his testimony regarding the involvement of lawyers in crucial decisions related to the case to determine its admissibility as evidence. Bankman-Fried argued that he acted based on legal advice, but prosecutors accused him of using FTX customer funds for personal purposes, including supporting his hedge fund, Alameda Research, making speculative investments, and donating to political campaigns. Additionally, he faces charges of attempting to deceive Alameda's lenders and FTX investors. On Friday, Judge Kaplan ruled against allowing Bankman-Fried to present testimony about the lawyers' involvement in various loans, deeming it confusing and prejudicial.