Sam Bankman-Fried (SBF) had loads going in opposition to him properly earlier than the beginning of his felony trial: the ire of many within the crypto house, suspicion from United States policymakers, and unfavorable consideration from some within the media in search of clickbait angles to affiliate with the previous FTX CEO.
None of which will have had any impression on the case his attorneys deliberate to current at trial, which thus far doesn’t appear to have given jurors a lot of something to counter the majority of the narrative put forth by prosecutors. With few exceptions, the testimonies from witnesses for the Justice Division have been simple even for these unfamiliar with the intricacies of crypto buying and selling and investments.
Former Alameda Analysis CEO Caroline Ellison offered statements admitting to providing fudged numbers whereas former FTX Chief Expertise Officer Gary Wang claimed SBF directed efforts to allow Alameda to “withdraw limitless funds.” Former FTX engineering director Nishad Singh additionally testified relating to the “extreme” purchases Alameda made in endorsements from celebrities.
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“[Sam] stated he was keen to take massive coin flips,” Ellison informed jurors on Oct. 10, relating to funding dangers. “He talked about being keen to flip a coin and destroy the world, so long as a win would make it twice nearly as good.”
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By means of the court docket proceedings, protection legal professionals Mark Cohen and Christian Everdell regularly referred to as for objections and sidebars — a time when counsel can deal with the choose with out the jury listening to — however hardly ever appeared to pose inquiries to witnesses that will considerably assist SBF’s case or sway the jury. Jurors have already heard testimony portray SBF because the instigator behind efforts for Alameda to make use of FTX buyer funds with out customers’ data.
Associated: Sam Bankman-Fried trial moves to final stages
One of many few holes protection legal professionals had been in a position to poke in Singh’s testimony was him admitting to being a little fuzzy on particulars in 2022 forward of FTX’s chapter and taking his personal mortgage to buy a trip residence. After laying out their case in opening arguments on Oct. 4, Cohen and Everdell recommended they’d current proof pointing the finger at Ellison for a lot of the felony acts. Nonetheless, as Ellison, Wang, and Singh all accepted plea offers and informed parallel variations of the identical story, SBF legal professionals’ cross-examination got here throughout as milquetoast.
SAM BANKMAN-FRIED MIGHT RISK TESTIFYING IN CRIMINAL TRIAL
Danger? Dude went on the shoeshine boy’s podcast final yr to clarify that he was very “sorry”
— zerohedge (@zerohedge) October 25, 2023
Quickly SBF’s authorized workforce would be the one calling witnesses, which we discovered on Oct. 25 will embrace the previous FTX CEO himself. The one purpose to name Bankman-Fried to the stand in his protection can be to bolster his case, and meaning having jurors imagine SBF, a socially awkward “math nerd” based on his personal legal professionals, over his colleagues. Whereas probably testifying that he “did what [he] thought was proper” might be personally satisfying to SBF, it doesn’t appear to assist defend his actions, not to mention inure jurors to his plight.
There’s been an astonishing distinction between the pre-arrest and mid-trial personas of Bankman-Fried. The previous CEO used to have common interviews with main media retailers, wasn’t shy about tweeting his ideas on the crypto market, and was thought-about by many to one of the in style figures within the house.
Now, following his path to jail, SBF has gone from freedom in The Bahamas to residence confinement with restricted web, to the purpose the place few folks have really heard his voice or seen a photograph of him in months — cameras typically aren’t allowed within the courtroom, and getting a snapshot of him from jail is unlikely. The previous CEO has trimmed his hair and repeatedly wears a swimsuit and tie to court docket, one thing many would have discovered unthinkable a yr in the past.
SBF’s attorneys and New York prosecutors are on hiatus till Oct. 26, when court docket proceedings will resume. The protection workforce has suggested it could call as much as three witnesses — 4, together with Bankman-Fried — in comparison with the roughly 20 folks referred to as by prosecutors. This technique, based on Cohen, will solely take a couple of days to current to the jury, after which era closing arguments will start.
Protection attorneys have their work minimize out for them.
Turner Wright is a coverage reporter at Cointelegraph.
This text is for common data functions and isn’t supposed to be and shouldn’t be taken as authorized or funding recommendation. The views, ideas, and opinions expressed listed here are the writer’s alone and don’t essentially mirror or characterize the views and opinions of Cointelegraph.
