The verdict is a denunciation of the current state of play in regulation and the failure of US legislators or regulators to develop a national standard for cryptocurrency businesses, writes Howard Fischer.
As FTX founder Sam Bankman-Fried prepares to takes the stand at his trial on charges of taking billions in customer funds, he is likely to be asked about online posts assuring users the cryptocurrency exchange was safe. Jurors at the trial saw screenshots of a deleted thread that Bankman-Fried posted on Nov. 7 assuring the world the exchange was "fine," amid a flood of redemption requests. The crypto mogul also wrote that "FTX has enough to cover all client holdings."
Net interest income, the difference between interest earned and interest expended, grew 23.5% on year to Rs 6,297 crore. Provisions during the quarter doubled on year to Rs 367 crore.
Can Sun, former FTX general counsel, took the stand on Thursday to testify on behalf of the prosecution’s case against Sam Bankman-Fried. Sun has a non-prosecution agreement in exchange for his cooperation. The Yale law school grad joined FTX at the end of August 2021 and stayed until early November 2022 shortly after the crypto exchange collapsed.