The courtroom was abuzz as Day 15 of the Bankman-Fried trial hit its midday break, leaving everyone in anticipation until 1:45 p.m. But the morning session delivered a gripping exchange between the defendant and the prosecutor, Danielle Sassoon, as she skillfully uncovered a web of inconsistencies in Bankman-Fried’s narrative.
Day 15 of Bankman-Fried’s Trial: Unraveling the Web of Influence
Danielle Sassoon launched the government’s cross-examination by reminding the jury of Bankman-Fried’s majority ownership in both FTX and Alameda, stressing the influence he wielded. Bankman-Fried, who had previously downplayed his involvement with Alameda, was forced to concede that he occasionally discussed trades with Alameda’s top employees. The prosecutor pointed out that his influence extended to matters like hedging, a form of trading.
Bankman-Fried’s responses, once evasive, had now transformed into simple “yep” affirmations, hinting at potential concern for what lay ahead.
A Billion-Dollar Catastrophe
Bankman-Fried’s direct testimony ended with a startling revelation: FTX’s financial troubles began escalating as cryptocurrency prices plummeted, facing attacks from competitors like Binance and a leaked Alameda balance sheet. On November 6, 2022, FTX witnessed a shocking withdrawal of $1 billion, ten times more than any previous day. The situation was grim, prompting the now-infamous “Assets are fine” Tweet on November 7, which was deleted the following day as the extent of the financial disarray became evident.
