SBF Testifies In Court Over FTX Security Systems

SBF Sheds Light on FTX Security Concerns in Ongoing Trial

Disgraced FTX founder, Sam Bankman-Fried (SBF), has responded to a series of questions about security breaches in the ongoing fraud trial against him following the collapse of FTX.

SBF explains to the courtroom that Telegram, Slack and Signal were the most commonly used communication platforms for FTX.

SBF Acknowledges Privacy Breaches

According to a series of posts on X (formerly Twitter), SBF stated that FTX data became exposed following a security breach.

“We were headquartered in Hong Kong. There were some, uh, security concerns while we were there. Also, former employees might have data to sell to a competitor.”


SBF further explains that there was never a breach directly to FTX:

“Never a core breach. But third parties were hacked,” he noted.

Read more: Who Is John J. Ray III, FTX’s New CEO?

Judge Kaplan expressed uncertainty as to whether he will be sending the jurors home for the weekend or not.

“Tomorrow. I might send the jurors home. Or I might not,” Kaplan reportedly stated.

Continuing Accusations Haunt SBF in Fraud Trial

There have been several eye-opening allegations against SBF in the fraud trial which commenced at the beginning on October.

On October 10, BeInCrypto reported that Caroline Ellison, the former co-CEO of Alameda Research, claimed that SBF coerced her into engaging in criminal activities.

“Sam directed me to commit these crimes,” she stated.

Meanwhile, Ellison disclosed in her testimony that SBF’s aim was to prompt regulators to “crack down on Binance.”

This reportedly stirred frustration in Binance CEO Changpeng “CZ” Zhao, leading him to post a public tweet upon discovering.

“We won’t support people who lobby against other industry players behind their backs,” he stated.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.