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Will Sam Bankman-Fried fix his case when he takes the stand?

CryptofreePress Staff by CryptofreePress Staff
October 25, 2023
in Regulation
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Will Sam Bankman-Fried fix his case when he takes the stand?

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Sam Bankman-Fried (SBF) had rather a lot going towards him properly earlier than the beginning of his legal trial: the ire of many within the crypto area, suspicion from United States policymakers, and detrimental consideration from some within the media searching for clickbait angles to affiliate with the previous FTX CEO. 

None of which will have had any influence on the case his attorneys deliberate to current at trial, which up to now 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 easy even for these unfamiliar with the intricacies of crypto buying and selling and investments.

Former Alameda Analysis CEO Caroline Ellison supplied statements admitting to offering fudged numbers whereas former FTX Chief Know-how Officer Gary Wang claimed SBF directed efforts to permit Alameda to “withdraw limitless funds.” Former FTX engineering director Nishad Singh additionally testified concerning the “extreme” purchases Alameda made in endorsements from celebrities.

Associated: Michael Lewis’ new guide places a constructive spin on Sam Bankman-Fried

“[Sam] mentioned he was prepared to take giant coin flips,” Ellison instructed jurors on Oct. 10, concerning funding dangers. “He talked about being prepared to flip a coin and destroy the world, so long as a win would make it twice pretty much as good.”

Via the court docket proceedings, protection attorneys Mark Cohen and Christian Everdell steadily referred to as for objections and sidebars — a time when counsel can handle the decide with out the jury listening to — however hardly ever appeared to pose inquiries to witnesses that may 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 strikes to ultimate levels

One of many few holes protection attorneys have been in a position to poke in Singh’s testimony was him admitting to being somewhat fuzzy on particulars in 2022 forward of FTX’s chapter and taking his personal mortgage to buy a trip dwelling. After laying out their case in opening arguments on Oct. 4, Cohen and Everdell advised they might current proof pointing the finger at Ellison for a lot of the legal acts. Nevertheless, as Ellison, Wang, and Singh all accepted plea offers and instructed parallel variations of the identical story, SBF attorneys’ cross-examination got here throughout as milquetoast.

Quickly SBF’s authorized crew would be the one calling witnesses, which we realized on Oct. 25 will embody the previous FTX CEO himself. The one motive to name Bankman-Fried to the stand in his protection could be to bolster his case, and meaning having jurors imagine SBF, a socially awkward “math nerd” in line with his personal attorneys, over his colleagues. Whereas probably testifying that he “did what [he] thought was proper” is perhaps 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 shops, wasn’t shy about tweeting his ideas on the crypto market, and was thought-about by many to one of the crucial well-liked figures within the area.

Now, following his path to jail, SBF has gone from freedom in The Bahamas to dwelling confinement with restricted web, to the purpose the place few individuals have really heard his voice or seen a photograph of him in months — cameras usually aren’t allowed within the courtroom, and getting a snapshot of him from jail is unlikely. The previous CEO has trimmed his hair and recurrently wears a go well with and tie to court docket, one thing many would have discovered unthinkable a 12 months in the past. 

SBF’s attorneys and New York prosecutors are on hiatus till Oct. 26, when court docket proceedings will resume. The protection crew has advised it might name as much as three witnesses — 4, together with Bankman-Fried — in comparison with the roughly 20 individuals referred to as by prosecutors. This technique, in line with Cohen, will solely take a number of days to current to the jury, after which period closing arguments will start.

Protection attorneys have their work lower out for them.

Turner Wright is a coverage reporter at Cointelegraph.

This text is for normal info 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.