Former FTX CEO denies knowledge of alleged money laundering scheme in court testimony
Former FTX CEO Sam "SBF" Bankman-Fried denied knowledge of why user funds were moved from a bank account with Alameda Research to a firm called North Dimension, which is allegedly used for money laundering. Bankman-Fried suggested that banks may have been more comfortable with North Dimension, avoiding well-known hedge funds connected to crypto like Alameda. He also testified to believing that taking FTX deposits through Alameda Research was legal, but did not recall discussions with auditors about FTX user funds going to the entity as well as Alameda. The criminal trial, which started on Oct. 3, will likely end within the next seven days following Bankman-Fried's testimony and closing arguments from both sides.
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