Sam Bankman-Fried’s trial is reaching its final stages over the subsequent few days, with the prosecution scheduled to relaxation their case on Oct. 26 following virtually 20 testimonies.
The prosecution introduced a lineup of witnesses over the previous three weeks, together with former FTX workers, prospects, traders, authorities officers and regulation enforcement brokers. At the center of the case is the central argument that Bankman-Fried deliberately deceived all of them and that he was behind the selections ensuing within the $8 billion hole between FTX and Alameda Research in November 2022.
As for Bankman-Fried’s protection crew, they nonetheless haven’t confirmed whether or not they may waive the case. In legal trials, attorneys aren’t required to current a protection. Assuming his authorized crew will current a case, it’s going to start on Oct. 26.
Bankman-Fried’s counsel, led by Mark Cohen and Christian Everdell, has struggled to present a narrative to jurors. The attorneys even missed essential arguments in the course of the cross-examination of his former closest associates, together with Caroline Ellison, Nishad Singh, Adam Yedidia and Gary Wang. Cooperating with the federal government, the group accused Bankman-Fried of directing them to commit crimes.
An legal professional observing the trial informed Cointelegraph that when the federal government initiates a case, there’s a 95% probability of indictment, underscoring the numerous problem confronted by the protection. Prosecutors, nonetheless, have the burden of proving the alleged crimes.
Related: Caroline Ellison wanted to step down but feared a bank run on FTX
Among the highlights of the earlier week in court docket was the testimony of FTX’s former engineering director. Singh informed jurors that Bankman-Fried instructed him to make millionaire enterprise investments through loans from Alameda. According to Singh, he didn’t know the funds had been tied to FTX buyer’s deposits. Singh faces up to 75 years in prison for costs associated to defrauding customers of the crypto alternate.
The week additionally noticed district court docket Judge Lewis Kaplan run out of patience with lawyers representing each events after a witness fleeing Texas for the trial testified for roughly quarter-hour.
“We had a witness this morning who knew absolutely nothing…and this afternoon we fly somebody in from Texas […] he knows nothing or next to nothing,” Kaplan mentioned, complaining about prosecutors and the protection’s witnesses methods.
Also, in the previous couple of days, FTX’s former normal counsel, Can Sun, presented a spreadsheet to track $2.1 billion in loans to Bankman-Fried and different executives. Can was unaware of the alternate’s commingling of funds with Alameda, he informed jurors. He can be cooperating with the federal government within the case.
Bankman-Fried might spend up to 115 years in jail if convicted of fraud and conspiracy to commit fraud.
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