SBF Trial: Former FTX General Counsel Says He Never Approved Loans of Customer Funds to Alameda

SBF Trial: Former FTX General Counsel Says He Never Approved Loans of Customer Funds to Alameda

On Thursday's SBF trial, former FTX general counsel Can Sun testified, saying that he didn't approve Alameda's loans from FTX customers' funds.

"I never approved loans of FTX customer funds to Alameda," Sun said, adding that SBF told him that the customers and the exchange's funds were segregated. When he realized that Alameda was exempt from FTX's auto-liquidation protocol, he was "shocked".

According to a report from August, SBF's lawyers planned to blame the company's former legal counsel, arguing that SBF followed the advice of lawyers from Fenwick & West law firm and FTX's in-house legal counsel when providing insider loans to former FTX and Alameda executives. However, Sun said on the witness stand that he didn't know Alameda's loans to the FTX executives were using customers' funds.

On Thursday evening, the US prosecutors and SBF's lawyers respectively submitted their proposed jury instructions to Judge Lewis Kaplan. The trial will take a week-long hiatus and will resume on October 26.

To learn more, please read: the Trial of SBF

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Source

FTX

SBF

Alameda Research

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