October 31, 2023
In the ongoing criminal fraud trial of Bankman-Fried, the CEO of FTX and Alameda Research, he finally took the stand to defend himself. He argued that the collapse of FTX and Alameda Research was not a deliberate fraud, but rather the result of various screw-ups and errors. Bankman-Fried emphasized that these issues were not solely his responsibility, but also the fault of his hand-picked lieutenants.
Bankman-Fried presented his case, emphasizing that the collapse was not intentional. He argued that the failure to hedge by ex-Alameda CEO Caroline Ellison was a significant factor. Additionally, he highlighted the rapid growth and ambitious nature of FTX as contributing factors. Bankman-Fried also mentioned the impact of market shocks and emphasized that he, as one person, could not be everywhere or do everything.
Bankman-Fried's testimony provided insight into his defense against the fraud charges. He maintained that the collapse of FTX and Alameda Research was not a deliberate fraud, but rather a result of various errors and screw-ups. The trial continues as the 17 overseeing individuals evaluate the evidence presented.