{"id":24104,"date":"2023-10-19T23:40:19","date_gmt":"2023-10-19T23:40:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/day-12-highlights-in-sam-bankman-frieds-trial\/"},"modified":"2023-10-19T23:40:19","modified_gmt":"2023-10-19T23:40:19","slug":"day-12-highlights-in-sam-bankman-frieds-trial","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/day-12-highlights-in-sam-bankman-frieds-trial\/","title":{"rendered":"Day 12 Highlights in Sam Bankman-Fried\u2019s Trial"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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As Day 12 and thereby the third week of Sam Bankman-Fried\u2019s trial came to an end on Thursday, more revelations came to light. Can Sun, previously FTX\u2019s General Counsel, testified about the company\u2019s treatment of its customer funds and a glaring $7 billion discrepancy. Here is a brief summary to keep you informed.<\/p>\n

Can Sun\u2019s testimony revealed several critical points:<\/p>\n

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  1. Sun confirmed that Bankman-Fried had assured him the customer funds were entirely separate from the company\u2019s own spending.<\/li>\n
  2. Contrary to Bankman-Fried\u2019s promises, Sun never authorized the use of customer funds for loans to Alameda.<\/li>\n
  3. Without having full insight, Sun had misled both regulators and investors, stating that FTX and Alameda were financially independent.<\/li>\n
  4. Alameda provided a loan to Bankman-Fried to the tune of $360 million. Surprisingly, Sun also benefited from a loan, receiving $2 million from the same firm.<\/li>\n<\/ol>\n

    The story thickened when Sun discovered a $7 billion discrepancy in FTX\u2019s accounts during a discussion with Apollo Asset Management. This led to Bankman-Fried approaching Sun, urging him to fabricate a reason for this financial oversight. Following this, Sun also received a call from Nishad Singh, who was keen on understanding his connection with this possible \u2018fraud\u2019. Feeling the weight of these revelations, Sun made the decision to resign from his position the very next day.<\/p>\n

    Lastly, Robert Boroujerdi, a potential investor in FTX, provided a brief account. He had several interactions with Bankman-Fried, who repeatedly vouched for Alameda\u2019s independence from FTX.<\/p>\n

    The ongoing trial is sure to reveal more insights into FTX\u2019s operations under Bankman-Fried\u2019s leadership.<\/p>\n

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    <\/p>\n","protected":false},"excerpt":{"rendered":"

    (Originally posted on : Crypto News – iGaming.org ) As Day 12 and thereby the third week of Sam Bankman-Fried\u2019s trial came to an end on Thursday, more revelations came to light. Can Sun, previously FTX\u2019s General Counsel, testified about the company\u2019s treatment of its customer funds and a glaring $7 billion discrepancy. Here is […]<\/p>\n","protected":false},"author":5,"featured_media":24105,"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\/24104"}],"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=24104"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24105"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}