{"id":24090,"date":"2023-10-19T09:14:11","date_gmt":"2023-10-19T09:14:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/day-11-highlights-in-sam-bankman-frieds-trial\/"},"modified":"2023-10-19T09:14:11","modified_gmt":"2023-10-19T09:14:11","slug":"day-11-highlights-in-sam-bankman-frieds-trial","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/day-11-highlights-in-sam-bankman-frieds-trial\/","title":{"rendered":"Day 11 Highlights in Sam Bankman-Fried\u2019s Trial"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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FTX\u2019s financial dealings took center stage on the eleventh day of founder Sam Bankman-Fried\u2019s trial. Witnesses were called forth, with testimony focusing on how FTX utilized its customer funds.<\/p>\n

Professor Peter D. Easton, an authority in accountancy from Notre Dame, detailed his analysis. Contracted by Brattle, a litigation support firm, Easton studied the money flow between FTX and Alameda Research. He disclosed, \u201c47 Alameda accounts received money from FTX customer accounts.\u201d<\/strong> <\/em>Additionally, several transactions by Bankman-Fried directly came from FTX\u2019s user funds.<\/strong> Some noteworthy investments were into Anthony Scaramucci\u2019s Skybridge Capital and Dave Inc., an Alameda venture.<\/p>\n

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The trail of fund utilization didn\u2019t end there. Nishad Singh, another name in the case, reportedly channeled $1 million of customer money into the political committee MTG (Mind The Gap)<\/strong>. Furthermore, Singh was allocated a whopping $96 million for property-related costs and investments.<\/p>\n

Another significant revelation was FTX\u2019s use of over $1 billion in customer resources to repurchase shares from Binance.<\/strong> Not just that, several loans to firms such as Celsius, Maple, Abra, Anchorage, Bitgo, and TrueFi were made from these customer deposits.<\/p>\n

Shifting the lens to another witness, Investigator Chanel Medrano from the US Attorney\u2019s Office shared details about NBA legend Shaquille O\u2019Neal acquiring Binance\u2019s stake in FTX<\/strong>. Moreover, Bankman-Fried was quoted informing Frank Chaparro, Business Insider\u2019s finance journalist, of his decision to \u201cstop lobbying.\u201d<\/p>\n

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The prosecutor\u2019s list of witnesses also named Cory Gaddis, associated with Google. Gaddis\u2019s testimony was limited, confirming that Bankman-Fried maintained several email accounts across various domains<\/strong>.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) FTX\u2019s financial dealings took center stage on the eleventh day of founder Sam Bankman-Fried\u2019s trial. Witnesses were called forth, with testimony focusing on how FTX utilized its customer funds. Professor Peter D. Easton, an authority in accountancy from Notre Dame, detailed his analysis. Contracted by Brattle, […]<\/p>\n","protected":false},"author":5,"featured_media":24091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24090"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24090"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24091"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}