Former crypto king Sam Bankman-Fried is being questioned by prosecutors in his criminal fraud trial. He is accused of orchestrating a multibillion-dollar fraud that has had a significant impact on the industry. Bankman-Fried's lawyers argue that being the CEO of a company that later files for bankruptcy is not a crime. During cross-examination, Bankman-Fried has given vague responses and Judge Lewis Kaplan has instructed him to answer directly. The trial began with Bankman-Fried describing the events leading up to FTX's bankruptcy filing. He sent a tweet stating that FTX and its assets were "fine," but later deleted it when the market crashed. Bankman-Fried recalled a conversation with his ex-girlfriend, who agreed that their company should have hedged to prevent insolvency. Bankman-Fried denied that Alameda Research had special privileges and stated that he did not recall previous statements. He admitted that Alameda could withdraw billions of dollars from FTX without being subject to the auto liquidation protocol. Bankman-Fried also faced questions about his public support for crypto regulation and derogatory comments he made about customers. The trial is nearing its end, with Bankman-Fried facing severe consequences if found guilty.
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