Sbf Used Strong Language Against Regulators Behind Closed Doors.

FTX founder was known for his past remarks on the need for regulation.

Sam Bankman-Fried is alleged to have used strong language against regulators behind closed doors while publicly supporting regulations.

During the ongoing trial, Assistant U.S. Attorney Danielle Sassoon asked if SBF remembered his positive statements on customer protection and blockchain regulations. SBF responded with "I don't remember," to which Sassoon reminded the former FTX CEO of his strong language against regulators during a private meeting.

Sam Bankman-Fried claimed to have used profanity only once, but some individuals alleged that he used even stronger language. The former FTX CEO was detained before he could share his views on crypto regulations before the U.S. House Financial Services Committee.

The Assistant U.S. Attorney asked SBF if his support for regulations was part of a public relations campaign. SBF admitted that it was indeed a public relations effort.

SBF explained that one of the reasons for his support of regulations was to gain market share from Binance.

Binance CEO Changpeng Zhao initiated the process of acquiring FTX on November 8, 2022. However, after a thorough examination of FTX's financial situation and due to inconsistencies, the acquisition was called off.

SBF mentioned that on November 7, 2022, customer withdrawal requests exceeded $4 billion, which was 100 times the average trading volume, leading the company into a severe liquidity crisis.

OK - now SBF trial with Sam Bankman-Fried still on direct, this afternoon the cross. Inner City Press is on it https://t.co/lPLqNVJIBf &https://t.co/mdnD76vUQ7 Exhibits https://t.co/VGsnx6gqxd book https://t.co/1w2tkmrTvA and will live tweet, thread below pic.twitter.com/HmDmEG3fL8

— Inner City Press (@innercitypress) October 30, 2023

Sam Bankman-Fried's criminal trial is expected to conclude early next week.