While prosecutors have cast SBF as a Bernie Madoff-like mastermind, Bankman-Fried’s lawyers argue that “it’s not a crime to be the CEO of a company that later files for bankruptcy.” For his own part, Bankman-Fried has largely offered vague responses on cross-examination so far, saying he does not recall conversations or statements he made in the past.
” He added that she “offered to step down,” which he said was her decision alone. According to SBF, the two agreed that the “focus should be urgently putting on the hedges” to prevent Alameda from going bankrupt. Ellison, who pleaded guilty in cooperation with the government, testified earlier that she wanted to quit but that Bankman-Fried told her she was “too important” to Alameda.
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