Summerize this News Article
FTX founder Sam Bankman-Fried began testifying at his fraud trial on Friday, saying the innovative business he hoped would move the cryptocurrency ecosystem forward ended up doing the opposite and hurting customers.
The onetime cryptocurrency golden boy lost his businesses and his reputation as a pioneering entrepreneur in an emerging facet of finance when a rush of customers withdrew their money last year, exposing that billions of dollars were missing.
Bankman-Fried, 31, acknowledged some of his failures early in his testimony, saying he made mistakes, large and small.
“We thought we might be able to build the best product on the market,” he said.
The goal was to move the cryptocurrency ecosystem forward, he added.
“It turned out basically the opposite of that,” and a lot of customers and others got hurt, Bankman-Fried said.
Denies fraud accusation
Asked by his lawyer, Mark Cohen, if he defrauded anyone or took customers’ funds, Bankman-Fried answered, “No, I did not.”
The California entrepreneur has pleaded not guilty to conspiracy charges accusing him of diverting billions of dollars from his clients and investors to make risky investments, buy luxury housing, engage in a star-studded publicity campaign, and make large political and charitable donations.
His much-anticipated testimony in Manhattan federal court instantly became the centerpiece of a defence that has tried to convey that Bankman-Fried had no criminal intent as he took actions that prosecutors say were directly to blame for the collapse last November of businesses Bankman-Fried ran from the Bahamas since 2017.
He was extradited from the Bahamas to New York in December to face fraud charges.
Though he was initially granted a $250 million US personal recognizance bond and allowed to live with his parents in Palo Alto, Calif., the bond was revoked in August and he was jailed when Judge Lewis A. Kaplan concluded that he had tried to influence potential witnesses at his upcoming trial.
Prosecutors built their case against Bankman-Fried for three weeks, relying largely on his former top executives, an inner circle of individuals who shared a penthouse apartment in the Bahamas with Bankman-Fried.
The executives testified that Bankman-Fried directed them to spend billions of dollars taken from the accounts of FTX customers and funneled through Alameda Research, a hedge fund he started in 2017, two years before he created the FTX cryptocurrency exchange.
that meets Google’s requirements for helpful content updates. The Article should be at least 500 words long and should target the following keywords:
Sam Bankman-Fried denies taking customer funds in testimony at N.Y. fraud trial
The News Article should include the following:
* A well-written introduction that hooks the reader and provides a clear overview of news
* A logical structure that makes it easy for readers to follow the argument and understand the points being made.
* Subheadings and bullet points to break up the text and make it more visually appealing.
The News Article should be written in *easy English* that is *easy to read* and *should be written in human tone and style* and *not look like AI generated*.
Follow these guidelines writing this content.
* Use natural language and avoid using jargon or technical terms that the average reader may not understand.
* Use active voice instead of passive voice.
* Use contractions and other informal language where appropriate.
* Use humor and other elements of human emotion to engage the reader.
#Sam #BankmanFried #denies #customer #funds #testimony #N.Y #fraud #trial