NEW YORK: FTX founder Sam Bankman-Fried testified on Monday (Oct 30) that he believed his Alameda Research hedge fund had enough assets to cover an US$8 billion debt to the cryptocurrency exchange until days before both collapsed.
Testifying in his own defence at his fraud trial, the 31-year-old former billionaire told jurors that he was concerned and surprised, but not alarmed, upon learning in October 2022 that Alameda had borrowed US$8 billion from deposits that FTX customers sent to the exchange.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. He has acknowledged making mistakes that led to FTX's Nov 11, 2022, bankruptcy, harming customers and employees. But he said he did not steal customers' money. Sassoon asked Bankman-Fried several times whether taking FTX funds to repay lenders was margin trading.
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