{"id":6211,"date":"2023-10-28T01:11:59","date_gmt":"2023-10-28T01:11:59","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/i-didnt-want-to-be-known-as-the-kansas-city-royals-of-crypto-exchanges\/"},"modified":"2023-10-28T01:12:00","modified_gmt":"2023-10-28T01:12:00","slug":"i-didnt-want-to-be-known-as-the-kansas-city-royals-of-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6211","title":{"rendered":"I didn&#8217;t want to be known as the Kansas City Royals of Crypto Exchanges"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>Sam Bankman-Fried, founder of the now-defunct crypto exchange FTX, continued his testimony in Manhattan federal court Friday afternoon.\n<\/p>\n<h2>Bankman-Fried\u2019s public image<\/h2>\n<p>\nBankman-Fried pushed back on former Alameda Research CEO Caroline Ellison\u2019s claims that his now infamous unkempt hair and casual style of dressing were to benefit his image by stating that he was simply \u201ctoo busy and lazy\u201d to get his haircut and wore shorts and a t-shirt because they were \u201ccomfortable.\u201d Moreover, Bankman-Fried testified that he sometimes worked up to 22 hours a day depending on the crypto exchange\u2019s needs and only took a few days off per year.<\/p>\n<p>Callin himself \u201csomewhat introverted,\u201d Bankman-Fried had never wanted to become the image of FTX, but it happened organically over time.<\/p>\n<p>Previously, Ellison testified that Bankman-Fried was image conscious, going so far as to trade their luxury vehicles in for more average-priced cars to look better to the public.\n<\/p>\n<h2>SBF on Ellison<\/h2>\n<p>\nThe disgraced FTX founder went on to share that Ellison and his romantic relationship ended because she \u201cwanted more than I was willing to give\u201d and had heard described Ellison as a \u201cvery good manager.\u201d<\/p>\n<p>When Sam Trabucco, co-CEO of Alameda Research, stepped down from his role, Bankman-Fried asked Ellison if she thought another Alameda Research executive would be a good replacement. Ellison, however, rejected this idea and continued forward as the trading firm\u2019s sole CEO, though Bankman-Fried stayed heavily involved in risk and hedging.<\/p>\n<p>\u201cIt was important she had help and support,\u201d Bankman-Fried claimed.<\/p>\n<p>By June 2022, Alameda Research\u2019s net asset value had fallen to $10 billion from $40 billion. Bankman-Fried suggested hedging over $2 billion to save the flailing company, however, Ellison never did.<\/p>\n<p>It was at this point Bankman-Fried thought about shutting Alameda research down, claiming that the trading firm lacked \u201cthe right management\u201d to succeed.\n<\/p>\n<h2>Bankman-Fried\u2019s spending<\/h2>\n<p>\nBankman-Fried acknowledged he made a number of political contributions consisting of loans from Alameda Research, claiming he thought \u201ccould have a substantial impact on the world.\u201d Similarly, Bankman-Fried acknowledged that he had testified congress in a push for a more robust regulatory framework to be implemented on the crypto industry.<\/p>\n<p>Furthermore, he argued that he felt he made reasonable investments for the company at the time. In one particular example, Bankman-Fried detailed a deal his naming deal with Miami Dade Arena wherein FTX would pay $10 million a month for nearly two decades, which amounted to \u201cjust 1% of FTX\u2019s revenue,\u201d<\/p>\n<p>When asked why he picked Miami Dade as opposed to other arenas, Bankman-Fried claimed \u201cI didn\u2019t want to be known as the Kansas City Royals of crypto exchanges.\u201d\n<\/p>\n<h2>What to expect going forward<\/h2>\n<p>\nBankman-Fried will begin his cross-examination early next week and conclude his testimony shortly thereafter. The trial will reconvene Monday and is expected to conclude by the end of next week.<\/p>\n<p>Bankman-Fried is charged with seven counts of fraud and is being held at Metropolitan Detention Center in Brooklyn. If convicted, he may spend the rest of his life in prison.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bankman-fried-continues-testimony-i-didnt-want-to-be-known-as-the-kansas-city-royals-of-crypto-exchanges.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, founder of the now-defunct crypto exchange FTX, continued his testimony in Manhattan federal court Friday afternoon. Bankman-Fried\u2019s public image Bankman-Fried&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-6211","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I didn&#039;t want to be known as the Kansas City Royals of Crypto Exchanges | inFundPros<\/title>\n<meta name=\"description\" content=\"Sam Bankman-Fried, founder of the now-defunct crypto exchange FTX, continued his testimony in Manhattan federal court Friday afternoon. 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