Former crypto boss Sam Bankman-Fried acknowledged “a lot of people got hurt” when the FTX exchange he founded collapsed, in his testimony to the jury at his fraud trial.
The former entrepreneur said he had made many mistakes when running the cryptocurrency exchange.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
“We thought we might be able to build the best product on the market,” he told his attorneys in his opening questioning. “It turned out basically the opposite of that”.
“A lot of people got hurt, customers, employees, and the company ended up in bankruptcy.”
Mr Bankman-Fried told the Manhattan federal court he made “a number of small mistakes and a number of larger mistakes” while running the now-bankrupt exchange.
The biggest mistake, he said, was not having a dedicated risk management team.
He said he did not defraud anyone or take customer funds.
Former crypto boss Sam Bankman-Fried acknowledged “a lot of people got hurt” when the FTX exchange he founded collapsed, in his testimony to the jury at his fraud trial.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
The former entrepreneur said he had made many mistakes when running the cryptocurrency exchange.
“We thought we might be able to build the best product on the market,” he told his attorneys in his opening questioning. “It turned out basically the opposite of that”.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
“We thought we might be able to build the best product on the market,” he told his attorneys in his opening questioning. “It turned out basically the opposite of that”.
“A lot of people got hurt, customers, employees, and the company ended up in bankruptcy.”
Mr Bankman-Fried told the Manhattan federal court he made “a number of small mistakes and a number of larger mistakes” while running the now-bankrupt exchange.
The biggest mistake, he said, was not having a dedicated risk management team.
He said he did not defraud anyone or take customer funds.
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