Sam Bankman-Fried Denies Defrauding Investors: ‘We Thought We Could Build The Best Product On The Market’

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FTX founder Sam Bankman-Fried on Friday denied defrauding investors of their funds and claimed he had genuinely thought he could build the best product on the market. Taking the stand on the second day of his ongoing trial, he was called to the stand by his lawyer Mark Cohen, and was asked about his involvement in the establishment and operations of Alameda Research and FTX. Bankman-Fried detailed the inception of FTX, sharing that the name stands for “Futures Exchange,” a venture that he believed would offer a superior service for users. “We thought we could build the best product on the mark…

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