Federal prosecutors claimed Sam Bankman-Fried “doubled down” on the use of customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021.
The prosecution is delivering its closing arguments at the Southern District Court of New York, where Sam Bankman-Fried’s trial has been taking place since Oct. 3.Federal prosecutors claimed Sam"SBF" Bankman-Fried “doubled down” on the use of customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021. According to U.S. government attorneys, Bankman-Fried paid for the buyout with funds from FTX customers.
“The defendant had a choice: come clear or double down? He doubled down. Here's when he doubled down. He used customer money to buy back FTX’s stock from Binance. . It cost $2 billion." Additionally, prosecutors went through other payments and purchases allegedly made by FTX with customer funds, including millions of dollars in political donations, luxury real estate in the Bahamas, and venture capital investments.
K5 entities received $700 million in investment from FTX in 2022. Alameda Research, FTX’s sister company, also invested $300 million in K5 Global. According to prosecutors, FTX’s customer deposits were the source of the funds. Roos continued:
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