News Explorer — Former FTX General Counsel Testifies That FTX's Terms of Service Did Not Justify Alameda's Borrowing

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Oct 19, 10:08 pm

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Former FTX General Counsel Testifies That FTX's Terms of Service Did Not Justify Alameda's Borrowing

Former FTX general counsel Can Sun testified that FTX's terms of service could not justify allowing sister company Alameda Research to borrow billions in customer funds. Sun stated that none of the potential explanations for FTX's multibillion-dollar hole were supported by the facts. This testimony undermines the defense's arguments that Bankman-Fried's decision-making relied on advice from company lawyers and that Alameda's borrowing was allowed by FTX's terms of service.

Former FTX general counsel Can Sun testified that FTX's terms of service could not justify allowing sister company Alameda Research to borrow billions in customer funds. Sun stated that none of the potential explanations for FTX's multibillion-dollar hole were supported by the facts. This testimony undermines the defense's arguments that Bankman-Fried's decision-making relied on advice from company lawyers and that Alameda's borrowing was allowed by FTX's terms of service.

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