Court hears of scramble to raise capital in the days prior to cryptocurrency company’s bankruptcy
Apollo Global Management balked at a last-minute rescue of FTX after learning billions of dollars in customer funds were unaccounted for and the exchange wasn’t able to provide legal justifications for the shortfall, a former top lawyer at Sam Bankman-Fried’s crypto empire testified.
He broke the news to Mr Bankman-Fried, FTX’s co-founder, that there was no justification while they took a walk a bit later.How to influence people at work and improve your status The 37-year-old is the latest company insider to testify at the trial, bolstering prosecutors’ allegations that Bankman-Fried oversaw a massive fraud.
FTX was scrambling to raise capital in the days prior to its bankruptcy so that it could meet an uptick in user withdrawal requests – even asking a rival exchange, Binance Holdings Ltd. for help, a play that ultimately didn’t pan out.Mr Sun testified that he and another FTX executive in November 2022 got on a call with the firm, which asked for financial statements before making a decision.
Mr Singh also testified against the crypto mogul earlier in the trial as did former Alameda Chief Executive Officer Caroline Ellison and Gary Wang, FTX co-founder and former chief technology officer. All three have pleaded guilty to criminal charges and are co-operating with prosecutors in hopes of receiving lighter sentences.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Union to meet Wyeth management over plant closureSIPTU representatives have confirmed they are to meet Wyeth Nutrition management on Monday to discuss the company announcement yesterday that it plans to close its plant at Askeaton in Limerick by 2026.
Read more »
Paris Olympics organisers and event management firms raidedThe sources said the raids took place on Wednesday as part of an ongoing investigation into alleged favouritism.
Read more »
Global shares fall as tensions rise in Middle EastInvestor concerns were compounded by hotter-than-expected consumer inflation data from the UK
Read more »
China has been shifting its diplomatic focus from the great powers towards the Global SouthPart of the appeal of Xi’s blueprint for global governance lies in the fact that it does not attempt to impose an ideological model on its partners
Read more »
Irish stocks follow global downward trend as traders monitor Israel-Hamas warThere was very little on the upside among companies listed on the Irish Stock Exchange on Thursday
Read more »
Megan Nolan: Cancelling an award ceremony for a Palestinian writer is hateful and absurdWhy do we insist people we admire must have a view on every unfolding global crisis?
Read more »