Sam “SBF” Bankman-Fried’s trial has entered the ultimate levels, with the prosecution delivering its closing arguments in the case on Nov. 1.
Closing arguments are the final alternative for attorneys to persuade the jury and choose that they need to win the case. Prosecutors had beforehand estimated that their closing arguments would take as much as 4 hours. Right afterward, Bankman-Fried’s protection may also current its closing arguments.
“That’s fraud. It’s stealing, plain and simple. Before FTX, there was Alameda,” Assistant United States Attorney Nicolas Roos reportedly told jurors, presenting one of many many charts the federal government used as proof.
The former CEO of FTX is going through seven counts of fraud and conspiracy to commit fraud. Bankman-Fried may serve as much as 115 years in jail if convicted. A jury of 12 will resolve his destiny in the approaching days.
As a part of the prosecution’s case towards Bankman-Fried, practically 20 witnesses testified that he deceived buyers, clients and companions of FTX whereas commingling funds with Alameda Research.
“The defendant set up two separate ways. If you believe even one of the three cooperators, the defendant is guilty. An unlimited line of credit just means unlimited money from FTX. Ellison told you, he directed us. Gary Wang said the same.”
The protection, alternatively, tried to current Bankman-Fried as an entrepreneur who made “terrible mistakes” in good religion, denying accusations he directed his internal circle to make political contributions and enterprise investments and buy luxurious actual property with buyer funds.
Bankman-Fried’s protection faces a tricky problem in persuading jurors that he’s harmless of the costs, as the federal government introduced intensive proof, together with testimony from officers and regulation enforcement brokers concerned in the case. Roos continued:
“The defendant marketed the liquidation engine, saying FTX was safe. He told Congress, collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated.”
Bankman-Fried’s trial began on Oct. 3 in the Southern District Court of Manhattan and has been ongoing since. You can follow Cointelegraph’s coverage of the trial here.