It’s the fourth week of the Sam Bankman-Fried trial, and on Thursday the former FTX CEO took the stand to testify on his own behalf. Bankman-Fried has been charged in the Courthouse for the Southern District of New York with seven counts of fraud and money laundering.Thank you for reading this post, don't forget to subscribe!
In court for the Southern District of New York, Bankman-Fried wore an oversized gray suit and a purple tie. He arrived at the court around 9:30 a.m., with his hands folded in front of him, nodding at everyone he made eye contact with. Throughout the morning, Bankman-Fried seemed relaxed, turning toward the back of the court and occasionally smiling at her attorneys.
This is the second time Bankman-Fried has spoken publicly in the courtroom, after saying “yes” earlier in the day when Judge Lewis Kaplan asked him if he understood he would have to testify if he wanted to testify. Have the right.
His first words spoken on the stand Thursday were: “Good afternoon.”
But unlike the rest of the trial, Kaplan sent the jury home. He wanted to review Bankman-Freed’s comments before determining whether that testimony could be shared with jurors. “I’ve never heard of something of this nature in a long time,” Kaplan said.
Once on the stand, Bankman-Fried was nervous and quickly responding to questions from her defense attorney, Mark Cohen. But when it came to cross-examining SDNY Assistant U.S. Attorney Daniel Sassoon, he was slow to respond and could not remember many facts.
One of the areas Kaplan wanted to hear about was the fact that Bankman-Fried relied on legal counsel to draft its terms of service and data retention policies, including Signal’s use to share internal communications. Doing was involved.
Bankman-Fried said the “big picture” for these policies was that specific data such as KYC policies, regulatory mandates, compliance and formal accounting needed to be maintained. But not elements like the flawed balance sheet draft that Caroline Ellison testified about weeks ago.