London-based cocoa trader Marc-Antoine Julliard testified on October 4, 2023 in the fraud trial against former FTX CEO Sam Bankman-Fried. Julliard said he had 4 Bitcoin (BTC) valued at approximately USD 80,000 at the time he was unable to withdraw them from FTX in November 2022, following a tweet from Bankman-Fried that said "the assets were fine."
Julliard said he had bought the BTCs on FTX in 2021 and was using them to trade in the cocoa market. In November 2022, he tried to withdraw the BTCs from FTX to use them to pay an invoice, but was unable to do so.
According to Julliard, FTX told him that he could not withdraw his funds because his account was in "maintenance status." Julliard said he tried to contact FTX for more information, but received no response.
Julliard's testimony is important because it provides evidence that FTX was preventing users from withdrawing their funds in November 2022. Prosecutors claim this was part of a fraud scheme by FTX to hide its financial problems.
Bankman-Fried has denied all allegations of fraud. His lawyers argue that FTX's liquidity problems were caused by external factors, such as the 2022 cryptocurrency market crash.
Bankman-Fried's trial is scheduled to last several weeks.
#FTX #crypto2023
Julliard said he had bought the BTCs on FTX in 2021 and was using them to trade in the cocoa market. In November 2022, he tried to withdraw the BTCs from FTX to use them to pay an invoice, but was unable to do so.
According to Julliard, FTX told him that he could not withdraw his funds because his account was in "maintenance status." Julliard said he tried to contact FTX for more information, but received no response.
Julliard's testimony is important because it provides evidence that FTX was preventing users from withdrawing their funds in November 2022. Prosecutors claim this was part of a fraud scheme by FTX to hide its financial problems.
Bankman-Fried has denied all allegations of fraud. His lawyers argue that FTX's liquidity problems were caused by external factors, such as the 2022 cryptocurrency market crash.
Bankman-Fried's trial is scheduled to last several weeks.
#FTX #crypto2023