Five Things Sam Bankman-Fried Said on the Stand Today
He testified that lawyers were involved in key decisions at the exchange. However, on cross-examination, he stumbled at times in his answers and frequently said he couldn't recall discussions with lawyers.
He testified that former chief regulatory officer, Daniel Friedberg, was responsible for setting up the bank account that routed FTX customer deposits to sister hedge fund Alameda Research.
Bankman-Fried said he's "not sure" whose decision it was initially to use an Alameda subsidiary to receive FTX customer funds.
Bankman-Fried said he thought FTX's terms of service document allowed Alameda to borrow from the exchange. He admitted he skimmed certain parts of the document.
He said FTX customer assets were stored together in what's called an "omnibus wallet" instead of individual cryptocurrency wallets.