Sam Bankman-Fried ‘Lied,’ DOJ Tells Jury; Defense Tries to Pin FTX Collapse on Caroline Ellison

The FTX app and relationships of service told customers the money they put on the exchange was being kept for them “as if they were sitting honesty there” – but, in reality, Bankman-Fried diverted those funds to “smaller and secretive company” called Alameda Analysis and spent them on “luxuries” for himself, his friends and family members, Rehn told the court. In addition, Bankman-Fried tolerant of the money to make political donations that allowed him to curry favor with powerful people on Capitol Hill, Rehn pronounced.