CryptoWatch Roundup: Sam Bankman-Fried Takes the Stand in Fraud Trial
In the world of cryptocurrency, last week saw the highly anticipated testimony of Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, in his criminal fraud trial. Bankman-Fried took the stand not once, but twice in front of Judge Lewis Kaplan and a jury.
During his first testimony, Bankman-Fried faced questioning from Assistant US Attorney Danielle Sassoon. However, the jury was not present as Judge Kaplan decided which portions of the testimony were admissible. Kaplan also reprimanded Bankman-Fried for being evasive and ignoring certain questions. Bankman-Fried admitted to not thoroughly reading the FTX Terms of Service and claimed to have only “skimmed” through it.
Bankman-Fried was later given the opportunity to testify in front of the jury. His attorney, Mark Cohen, questioned him about allegations of defrauding customers and stealing funds. Bankman-Fried vehemently denied these accusations, stating that he did not take customer funds and that he wanted FTX to be the best crypto-exchange platform in the world. His testimony in front of the jury was described as cooperative, concise, and clear.
In other cryptocurrency news, Bitcoin and Ethereum experienced significant price increases. Bitcoin rallied 12.87% in the past week, reaching $34,498 and breaking out of its year-long slump. Ethereum also saw a 6.48% increase, reaching $1,794 and edging closer to its goal of $2,000. Other coins, such as Binance Bucks BNB and XRP, also saw positive gains in the past seven days.
The outcome of the Sam Bankman-Fried trial and the ongoing developments in the cryptocurrency market will continue to be monitored closely.
Source: Tech Times
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