Sam Bankman-Fried testifies, says he “skimmed over” FTX terms of service | SBF said he thought loans were legal but didn't fully read FTX terms of service.

autotldr Bot , 8 months ago

This is the best summary I could come up with:

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Sam Bankman-Fried took the stand in his criminal trial today in an attempt to avoid decades in prison for alleged fraud at cryptocurrency exchange FTX and its affiliate, Alameda Research.

But after three weeks in which US government attorneys laid out their case, including testimony from former FTX and Alameda executives, Bankman-Fried’s legal team announced yesterday that he would take the stand.

The judge will then decide whether Bankman-Fried is allowed to say the same testimony in front of a jury," The Wall Street Journal wrote in its live coverage.

In testimony today, “Bankman-Fried said he believed that under FTX’s terms of service, sister firm Alameda was allowed in many circumstances to borrow funds from the exchange,” the WSJ wrote.

Sassoon asked Bankman-Fried if he had “any conversations with lawyers about Alameda spending customer money that was deposited into FTX bank accounts,” according to Bloomberg’s live coverage.

Before the trial began, Kaplan issued an order that prohibited Bankman-Fried from using the advice-of-counsel defense in opening statements.

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The original article contains 587 words, the summary contains 166 words. Saved 72%. I’m a bot and I’m open source!

PlasmaDistortion , 8 months ago

Ignorance of a law does not excuse breaking the law.

MiltownClowns , 8 months ago

He’s not claiming ignorance of the law, he’s claiming ignorance of FTXs and Alamedas stated terms of service. He’s claiming ignorance of the laws he was in charge of writing! Bold move, cotton.

gramathy , 8 months ago

Actually in a lot of white collar crimes, it does (mens rea). Having to know the law is for poors

Imgonnatrythis , 8 months ago

TbF no one reads ToS