Sam Bankman-Fried ‘Lied,’ DOJ Tells Jury; Protection Tries to Pin FTX Collapse on Caroline Ellison

The FTX app and phrases of service advised prospects the cash they placed on the alternate was being saved for them “as in the event that they have been sitting proper there” – however, in actuality, Bankman-Fried diverted these funds to “smaller and secretive firm” known as Alameda Analysis and spent them on “luxuries” for himself, his family and friends members, Rehn advised the courtroom. As well as, Bankman-Fried used the cash to make political donations that allowed him to curry favor with highly effective folks on Capitol Hill, Rehn stated.