SBF trial day 2: SBF tells court he 'had no idea what his team did'

Sam Bankman-Fried, three weeks after his former employee testified, finally defended himself. His account of what happened at FTX appears to differ from his subordinates. First, Bankman-Fried vehemently denies that he defrauded FTX customers or took advantage of their money. He admitted that FTX has not become the innovative entity that he hoped to push the crypto industry forward; “in fact, quite the opposite,” he said. “I made a lot of mistakes, big and small,” he explained, adding that, for one, FTX didn’t have a dedicated risk management team and there was a “lack of oversight.” Friday's hearing began with a direct examination of Bankman-Fried by his lead defense attorney, Mark Cohen. SBF answered questions about his background, previous work at trading firm Jane Street, founding Alameda Research and FTX, and how both operate. (The Block)