FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not 'reckless and frivolous,' pushing back against testimony by former executive Nishad Singh portraying its spending on marketing and celebrity endorsements as excessive.
NEW YORK, Oct 17 - FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by former executiveSingh, FTX's former engineering chief, testified for a second straight day at Bankman-Fried's fraud trial in Manhattan federal court.
On Tuesday, Singh said K5 also helped Bankman-Fried invest in a tequila brand run by a "famous celebrity," when asked by Cohen whether the firm was anything more than a relationship broker. Bankman-Fried has argued that while he made mistakes running FTX, he never intended to steal funds. His lawyers have saidJurors have already heard from Gary Wang, FTX's former chief technology officer, and Caroline Ellison, Alameda's onetime chief executive officer and Bankman-Fried's former girlfriend.
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