Sam Bankman-Fried ‘Lied,’ DOJ Tells Jury; Defense Tries to Pin FTX Collapse on Caroline Ellison

Artist's rendering of Sm Bankman-Fried in court Wednesday (Nikhilesh De/CoinDesk)

The FTX app and terms of service told customers the money they put on the exchange was being kept for them “as if they were sitting right there” – but, in reality, Bankman-Fried diverted those funds to “smaller and secretive company” called Alameda Research and spent them on “luxuries” for himself, his friends and family members, Rehn told the court. In addition, Bankman-Fried used the money to make political donations that allowed him to curry favor with powerful people on Capitol Hill, Rehn said.

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