TechFlow News, according to the Wall Street Journal, SBF testified in court that he does not recall discussing with his senior deputies via the Signal messaging app in 2022 about shutting down Alameda Research. When asked whether he remembered any conversations regarding how the company's $13 billion went missing, he responded, "I don't remember."
SBF stated in court that FTX customer assets were stored together in "omnibus wallets" rather than in separate cryptocurrency wallets, and he added that storing customer assets in omnibus accounts was an industry practice. He mentioned that he had sent funds to his wallet on the cryptocurrency exchange Huobi and then saw the funds immediately transferred into the omnibus wallet.
When defense attorney Mark Cohen asked SBF whether he believed it was legitimate for Alameda to receive FTX deposits, he answered "yes."
Regarding the establishment of North Dimension under Alameda and FTX, SBF said that at the time he was CEO of both companies and that FTX did not yet have a bank account. Former chief compliance officer Daniel Friedberg was responsible for setting up the bank account, which would transfer FTX customer deposits to its sister hedge fund, Alameda Research. Friedberg worked with law firm Fenwick & West to draft incorporation documents for North Dimension and to open a bank account for the entity.
