SBF, the founder of FTX, concluded his second day of testimony in his fraud case. During cross-examination, he provided brief answers and frequently claimed not to remember specific details. He appeared nervous and occasionally struggled with his speech. The prosecution presented evidence that contradicted his claims, including metadata from his Google account. SBF also discussed his understanding of margin trading but gave speculative answers. He admitted to sending a memorandum suggesting the replacement of Alameda Research with Modulo Capital, a rival trading firm in which he had undisclosed investments. He argued that Modulo Capital had lower PR costs compared to Alameda Research. SBF refused to acknowledge the risk of borrowing money from FTX to repay Alameda Research's loans. The prosecution showed that he had knowledge of Alameda Research's line of credit but distanced himself from being closely involved. SBF is expected to conclude his testimony tomorrow, and the prosecution will present additional witnesses. If convicted, he could face a lengthy prison sentence.
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