SBF’s Lawyer Says FTX Co-founder Was Worst Person Ever Under Cross-Examination
Disgraced FTX co-founder Sam Bankman-Fried “may be at the very top of the list as the worst person I’ve ever seen do a cross examination,” said David Mills, a Stanford Law School colleague who helped Bankman-Fried’s defense during the trial.
Mills told Bloomberg that the former FTX CEO went off-script when he took the stand. He repeatedly deviated from the strategy prepared by his lawyers. This includes handling prosecutors’ difficult questions on cross-examinations.
Furthermore, Mills suggested that a different, better performance wouldn’t have changed the outcome. The pre-trial judge’s rulings and prosecution witness’ testimony made the case “practically unwinnable” for the defense.
He said that the verdict was inevitable – but also that the trial was not fair. Mills, a close friend of the co-founder’s parents, said he thinks Bankman-Fried “is innocent because he didn’t form the intent to do anything wrong.”
Bitfinex Analyst: Fed’s Rate Hike Pause May Be Seen As Bullish Signal
Analysts at the crypto exchange Bitfinex commented on the potential impact of the US Federal Reserve (Fed)’s decision on interest rates on December 13. In an email, they said that it is commonly expected that a pause in rate hikes could be interpreted as a bullish signal for the market.
“Historically, a hold or reduction in interest rates tends to inject optimism among investors, as it implies more disposable income and potentially greater investment in various asset classes,” the analysts said.
This effect extends beyond traditional markets to novel assets, including crypto. Cryptocurrencies have previously experienced positive market movements following decisions by the Fed to keep interest rates steady, they added.
Per the analysts, “this trend is attributable to the perception of lower or steady interest rates leading to increased disposable income for investments, fostering an optimistic investment environment.”
WisdomTree To Liquidate Three ETFs
Asset manager WisdomTree announced plans to close and liquidate three exchange-traded funds (ETFs). These are the WisdomTree International ESG Fund (RESD), WisdomTree Emerging Markets ESG Fund (RESE), and WisdomTree U.S. ESG Fund (RESP).
According to the press release, the liquidation date for all three ETFs is February 5, 2024.
Shareholders who do not sell their shares of an ETF by January 26, 2024, will have their shares automatically redeemed for cash based on the ETF’s net asset value (NAV), which is expected to be provided to shareholders through their brokers or other financial intermediaries on or around February 5, the company said.
The Hashgraph Association Invests in Spielworks to Develop Web3 Gaming Ecosystem
Blockchain gaming startup Spielworks received strategic funding from The Hashgraph Association, the Swiss-based non-profit organization helping the global adoption of the Hedera network.
According to the press release, the funding enabled Spielworks to acquire the non-fungible token (NFT) platform Atomic Hub. In doing so, Spielworks is scaling its business and developing the Web3 gaming ecosystem worldwide. It is utilizing Hedera’s public ledger, the announcement said.
“The funding will foster collaboration in the space, increasing the number of Web3 gaming developers building on Hedera while unlocking new value for gamers around the world,” said Spielworks.
Through this strategic funding, the association will facilitate the startup’s mission to create a singular ecosystem for game distribution, publishing, development, and trading.
It will also support Spielworks in areas such as business development, commercialization, technology development, and future funding. The aim is to offer gamers the lowest transaction fees and to further increase the network utilization of Hedera.
Hot Take: SBF’s Cross-Examination Performance Highlights Challenges in FTX Trial
During the trial of Sam Bankman-Fried, co-founder of FTX, his performance during cross-examination was criticized by his own lawyer. Despite going off-script and deviating from the prepared strategy, it was suggested that a different performance wouldn’t have changed the outcome due to various factors in the trial. This raises questions about the fairness of the trial and whether Bankman-Fried had any intent to commit wrongdoing. In other news, analysts at Bitfinex believe that a pause in rate hikes by the US Federal Reserve could be seen as a bullish signal for the market. WisdomTree has announced plans to liquidate three ETFs, and Spielworks has received strategic funding from The Hashgraph Association to develop a Web3 gaming ecosystem.
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