#FTX Conclusions from the opening statements in the Sam Bankman-Fried case:
⏺ The prosecutor's office emphasizes that SBF knowingly took money from clients and used it to finance its luxurious life.
⏺ The prosecution claims that they have evidence, including Caroline Ellison's testimony and Sam's own tweets.
⏺ Sam's defense team is emphasizing that the collapse is to blame for the volatility of the crypto market, which can drown any business. SBF faced a storm when Alameda's creditors began withdrawing money abruptly.
⏺ The defense is trying to blame Ellison for the collapse. Sam told her to hedge Alameda trades, but she didn't.
⏺The defense admitted that Alameda had privileges on FTX: there was a computer code that allowed Alameda to withdraw an unlimited amount of money. This was done simply for convenience.
#ftx #scam #alameda #sbf
⏺ The prosecutor's office emphasizes that SBF knowingly took money from clients and used it to finance its luxurious life.
⏺ The prosecution claims that they have evidence, including Caroline Ellison's testimony and Sam's own tweets.
⏺ Sam's defense team is emphasizing that the collapse is to blame for the volatility of the crypto market, which can drown any business. SBF faced a storm when Alameda's creditors began withdrawing money abruptly.
⏺ The defense is trying to blame Ellison for the collapse. Sam told her to hedge Alameda trades, but she didn't.
⏺The defense admitted that Alameda had privileges on FTX: there was a computer code that allowed Alameda to withdraw an unlimited amount of money. This was done simply for convenience.
#ftx #scam #alameda #sbf