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

sara by sara
October 25, 2023
in Regulations
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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 lots going in opposition to him properly earlier than the beginning of his legal trial: the ire of many within the crypto area, suspicion from United States policymakers, and adverse consideration from some within the media in search of clickbait angles to affiliate with the previous FTX CEO. 

None of that will have had any affect 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 simple even for these unfamiliar with the intricacies of crypto buying and selling and investments.

Former Alameda Analysis CEO Caroline Ellison supplied 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.

Associated: Michael Lewis’ new book puts a positive spin on Sam Bankman-Fried

“[Sam] stated he was prepared to take massive coin flips,” Ellison instructed jurors on Oct. 10, relating to 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.”

By means of the courtroom proceedings, protection legal professionals 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 not often appeared to pose inquiries to witnesses that might 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’ information.

Associated: Sam Bankman-Fried trial moves to final stages

One of many few holes protection legal professionals had been capable of 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 dwelling. After laying out their case in opening arguments on Oct. 4, Cohen and Everdell prompt they’d current proof pointing the finger at Ellison for a lot of the legal acts. Nonetheless, as Ellison, Wang, and Singh all accepted plea offers and instructed parallel variations of the identical story, SBF legal professionals’ cross-examination got here throughout as milquetoast.

Quickly SBF’s authorized group 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 which means having jurors consider SBF, a socially awkward “math nerd” in line with his personal legal professionals, over his colleagues. Whereas doubtlessly 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 shops, wasn’t shy about tweeting his ideas on the crypto market, and was thought of by many to one of the vital widespread 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 folks 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 repeatedly wears a go well with and tie to courtroom, 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 courtroom proceedings will resume. The protection group 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, in line with Cohen, will solely take a couple 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 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 below are the writer’s alone and don’t essentially mirror or symbolize the views and opinions of Cointelegraph.