A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking the FTX founder's credibility.
Assistant US Attorney Danielle Sassoon highlighted statements he made before and after the FTX cryptocurrency exchange filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.
Ms Sassoon confronted Mr Bankman-Fried with occasions in which he promised customers that their assets would be safe and that they could demand those assets to be returned at any time
He repeatedly answered the questions with a rapid “Yep”.
Mr Bankman-Fried has been on trial for the past month on charges that he defrauded his customers and investors of billions of dollars.
He has pleaded not guilty to the charges, which could carry a penalty of decades in prison.
The Californian gained a level of fame from 2017 to 2022 as he created the Alameda Research hedge fund and FTX, building a cryptocurrency empire that became worth tens of billions of dollars.
For a time, Mr Bankman-Fried seemed to be transforming the emerging industry by conforming to his publicly stated vision of a more regulated and safe environment for users.
Through her line of questioning, Ms Sassoon tried to show that his public statements were false and that he promised customers that their accounts were safe while he looted them, spending lavishly on real estate, celebrity-laden promotions, investments and political contributions.
She asked him if he had used profanity in speaking about regulators, even as he was trying to convince Congress to bring more legitimacy to the cryptocurrency industry by setting up a regulatory framework.
“I said that once,” he answered when she offered a specific example.
And when Ms Sassoon asked if his pursuit of regulations was just an attempt at positive public relations, he answered: “I said something related to that, yes.”
Before cross-examination began on Monday, Mr Bankman-Fried testified that he believed his companies could withstand the daily withdrawal of billions of dollars in assets until several days before they could not.
He was arrested last December on fraud charges.
Initially freed on a $250 million personal recognisance bond to live with his parents in Palo Alto, California, he was jailed in August when Judge Lewis Kaplan became convinced that he had tried to tamper with potential trial witnesses.
He began testifying on Thursday. Mr Kaplan has told jurors that the trial might be completed as early as this week.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
