Crypto:
29881
Bitcoin:
$68.374
% 1.30
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.374
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

SBF’ s Case Ended (First week)! What Happened?

SBF

Sam Bankman-Fried (SBF)‘ s court’s first week has concluded. The initial days of the case seem to have not gone in his favor by the prosecutors of the US Department of Justice (DOJ).

The prosecutors claim that the founder of FTX, despite being a supposedly responsible leader, played a deep role in a long-term plan to defraud clients and investors, presenting a powerful argument against the fallen crypto emperor’s legal defense.

Allegations suggest whether SBF was unaware of the rot that occurred in FTX and the Alameda Research hedge fund.

Furthermore, Bankman-Fried faces a challenging battle in this striking case. Documents and allegations published by FTX’s current leadership could damage the reputation of FTX, which is managed by Enron’s bankruptcy leader John Jay Ray III.

Also, the poorly designed “apology tour” conducted shortly after FTX’s closure adversely affected Bankman-Fried’s public perception.

Sam Bankman-Fried

Renato Mariotti said on CoinDesk TV ” SBF will be a victim of his own success. ” Cohen & Gresser defense lawyers, on the other hand, state that they face a challenging situation in the courtroom.

Also, District Judge Lewis Kaplan is uncomfortable against Bankman-Fried’s high-paid lawyers. Besides,  they have rejected a large part of defense lawyer Chris Everdell’ s attempts at cross-examination.

Related: FTX Hacker Transferred Ether!

However, we are at the beginning of a hearing that could last six weeks. It remains unclear whether Bankman-Fried will testify. Mariotti and other lawyers believe this could at best be a gamble and disaster.

Gary Wang (SBF’ s friend) has confessed

FTX founder partner and Bankman-Fried’s longtime friend Gary Wang, referring to the “special privileges” in the Alameda trading shop at FTX, admits that Bankman-Fried has already committed fraud on the stand.

Additionally, Adam Yedidia, a former FTX developer, mentions he left the job in November 2022 after learning of a plan to “defraud” customers; this stands out as a strong point that has been struck from the records.

Let’s see how the process will work in the Sam Bankman-Fried case in the coming weeks?


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