FTX founder and former crypto billionaire Sam Bankman-Fried continued to testify Tuesday at his federal fraud and conspiracy trial.
testified Tuesday at his federal fraud and conspiracy trial he was unaware that while he was chief executive of Alameda Research, employees at the hedge fund were spending $8 billion of FTX customer funds.
Bankman-Fried stepped down as Alameda chief executive in 2021 so he could focus on FTX and said Tuesday he only learned two months before FTX collapsed into bankruptcy that Alameda had spent $8 billion in customer funds. "Money is fungible anyway," Bankman-Fried said. "I wasn't particularly interested in trying to dole out blame."
Bankman-Fried stepped down from his role at FTX in November 2022 amid a rapid collapse that ended with the company declaring bankruptcy. Prosecutors charged Bankman-Fried the following month with an array of alleged crimes focused on a scheme to defraud investors. She also testified earlier this month that Bankman-Fried thought there was a "5% chance he would become president," and that he believed in utilitarianism and thought rules against lying or stealing inhibited his ability to maximize the greatest benefit for the most people.
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