As FTX founder Sam Bankman-Fried prepares to takes the stand at his trial on charges of taking billions in customer funds, he is likely to be asked about online posts assuring users the cryptocurrency exchange was safe.
Here are some of the posts that appeared on the messaging platform X, formerly known as Twitter, that Bankman-Fried will likely be asked about:that Bankman-Fried posted on Nov. 7 assuring the world the exchange was "fine," amid a flood of redemption requests. The crypto mogul also wrote that "FTX has enough to cover all client holdings.
Prosecutors allege Bankman-Fried misled FTX customers about the safety of their assets before the exchange filed for bankruptcy in November 2022. Caroline Ellison, Alameda's former chief executive, testified at trial that Bankman-Fried's post about "backstopping" customer assets on June 27, 2022, Alameda had borrowed several billion dollars of FTX customer assets to repay its lenders the month before, she said."We don't invest client assets, even in treasuries.""We have a long history of safeguarding client assets and that remains true today," he said in the thread.
Ellison testified at trial that by the summer of 2022, Alameda was drawing from FTX customer funds to make venture investments.South Korea, Japan and the United States strongly condemned the supply of arms and military equipment by North Korea to Russia and said they had confirmed "several" deliveries of such weapons, a joint statement issued on Thursday said.
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