On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX’s terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company’s collapse.
Sun’s testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun’s suspicions that Alameda Research had misappropriated FTX customer deposits.
The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm’s decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama.
Catch up on Unchained’s previous coverage:
- SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
- SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
- SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
- SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges
- SBF Trial, Day 5: SBF’s Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?
- SBF Trial, Day 6: Caroline Ellison Recalls ‘The Worst Week of My Life’
- SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness?
- SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges
- SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender
- SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh’s Testimony
- SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole
- Did Sam Bankman-Fried Have Intent to Defraud FTX Investors?
- Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
- Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out
- SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
- The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect
