Former FTX CEO denies knowledge of alleged money laundering scheme in court testimony

Bitget App

Trade smarter

Bitget

News

Cointime2023/10/26 23:06

By:Cointime

Former FTX CEO Sam "SBF" Bankman-Fried denied knowledge of why user funds were moved from a bank account with Alameda Research to a firm called North Dimension, which is allegedly used for money laundering. Bankman-Fried suggested that banks may have been more comfortable with North Dimension, avoiding well-known hedge funds connected to crypto like Alameda. He also testified to believing that taking FTX deposits through Alameda Research was legal, but did not recall discussions with auditors about FTX user funds going to the entity as well as Alameda. The criminal trial, which started on Oct. 3, will likely end within the next seven days following Bankman-Fried's testimony and closing arguments from both sides.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14