FTX Founder Sam Bankman-Fried Testifies in Crypto Fraud Trial
The trial of United States v Sam Bankman-Fried, dubbed America’s largest crypto fraud case, continued with testimony from FTX founder Sam Bankman-Fried himself. However, the jury has been excused until October 27 to discuss the defendants’ statements further. Bankman-Fried’s testimony is expected to form the majority of the defense’s challenge against allegations that he broke federal financial laws.
Defense Motion Denied
Defense attorneys sought to dismiss the case, arguing a lack of evidence for fraud and money laundering charges. However, Judge Kaplan denied the motion after federal prosecutors presented testimony from witnesses and exposed fraudulent transactions.
Final Government Witnesses
FBI agent Mark Troyano testified that Bankman-Fried participated in over 300 Signal group chats during his time at Alameda Research and FTX. Former Alameda CEO Caroline Ellison claimed that Bankman-Fried insisted on using auto-delete to hide conversations from regulators.
Bankman-Fried’s Testimony
Bankman-Fried stated that auto-delete was not enabled for decision-making channels and that Signal was used to protect against external attacks. He admitted to not reading important documents himself but relied on internal lawyers and consultants. He shifted blame to his legal advisers for certain matters and explained that in-house attorneys managed deposits into Alameda’s bank account.
Scheduled Testimony
Bankman-Fried is scheduled to give his full testimony before Judge Kaplan and the jury on October 27, which is expected to be the final witness testimony in his trial.
Hot Take: FTX Founder Defends Himself in Crypto Fraud Trial
The ongoing trial of FTX founder Sam Bankman-Fried in the United States v Sam Bankman-Fried case is reaching a crucial stage. Bankman-Fried took the stand to testify in his defense, aiming to challenge allegations of fraud and money laundering. The defense argued for the dismissal of the case due to insufficient evidence, but their motion was denied by Judge Kaplan. Bankman-Fried’s testimony focused on clarifying his involvement in various chat groups and his reliance on legal advisers. With the conclusion of witness testimonies approaching, the trial could come to a close by early November 2023. As one of America’s largest crypto fraud cases, its outcome will undoubtedly have significant implications for the cryptocurrency industry.
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