FTX founder Sam Bankman-Fried thought he could get away with stealing billions of dollars from the cryptocurrency exchange's customers and that the 'rules did not apply to him,' a prosecutor told jurors on Thursday as the fraud trial drew to a close.
Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File PhotoNEW YORK, Nov 2 - FTX founder Sam Bankman-Fried thought he could get away with stealing billions of dollars from the cryptocurrency exchange's customers and that the "rules did not apply to him," a prosecutor told jurors on Thursday as the
The prosecution said he directed other executives to tweak FTX's computer code to allow Alameda to siphon funds, and that the hedge fund then lent the money to Bankman-Fried and other executives to spend as they wish. Bankman-Fried also directed others to falsify financial statements, prosecutors said.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Testifying in his own defense, Bankman-Fried acknowledged that he made mistakes that hurt customers while running FTX, such as not hiring a chief risk officer, but never intended to commit fraud.
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