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Sam Bankman-Fried testifies he believed FTX was 'fine' until just before collapse

Economic Times

· 8m
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Sam Bankman-Fried, the founder of FTX, testified in his fraud trial that he believed the cryptocurrency exchange was solvent when he tweeted "FTX is fine" days before it declared bankruptcy in November 2022. He defended himself against allegations that he misled the public about FTX's health. Bankman-Fried recounted the events leading up to FTX's collapse, including heavy losses sustained by his hedge fund Alameda Research. He claimed that Alameda's debts to FTX affected his perception of the exchange's solvency. He faces charges of fraud and conspiracy, with prosecutors accusing him of misappropriating customer funds.

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