Former Crypto Mogul Sam Bankman-Fried Testifies in Court
Sam Bankman-Fried, the former crypto mogul, took the witness stand during his criminal trial. However, the jury was not present at the time. U.S. District Judge Lewis Kaplan dismissed the jury early to hold a special hearing on whether certain topics should be allowed in Bankman-Fried’s testimony the following day. Judge Kaplan assured the jurors that the trial would likely conclude next week.
Bankman-Fried’s Testimony and Cross-Examination
During the hearing, Bankman-Fried’s lead lawyer questioned him about various topics, including meetings with regulators in the Bahamas and advice from FTX counsel. On cross-examination, Assistant US Attorney Danielle Sassoon pressed Bankman-Fried about his lawyers’ advice and went beyond that scope on occasion. She even asked if “embezzling customer funds” could be considered safeguarding customer assets, but the defense objected and the judge ruled it out of scope. Bankman-Fried still answered the question by indicating that it was not.
A Warmup for Bankman-Fried’s Testimony
Thursday afternoon served as a warmup for Bankman-Fried’s testimony, which could be a crucial moment in his attempt to win over the jury. During his testimony, he mentioned being under the impression that Alameda Research, his trading firm, was allowed to spend FTX customer funds based on a Payment Agent Agreement. However, he admitted that he did not carefully read the document and emphasized that he is not a lawyer.
The Lengthy Responses and Lack of Recall
Assistant US Attorney Sassoon bombarded Bankman-Fried with questions about encrypted messages at FTX, personal loans, and whether Alameda Research had the right to spend customer funds. Bankman-Fried often responded with lengthy answers that ultimately amounted to “I don’t recall.” Judge Kaplan commented on Bankman-Fried’s interesting way of responding to questions.
Future Proceedings
Bankman-Fried will be the final witness in his criminal case, facing charges of fraud and conspiracy that could result in a maximum sentence of 110 years in prison. Judge Kaplan will determine which aspects of Bankman-Fried’s testimony are appropriate for the jury to hear on Friday.
Hot Take: The Crucial Testimony of Sam Bankman-Fried
The testimony of Sam Bankman-Fried in his criminal trial is a pivotal moment for the former crypto mogul. As he takes the stand, it is an opportunity for him to present his side of the story and potentially sway the jury in his favor. However, during Thursday’s warmup hearing, Bankman-Fried faced intense questioning and struggled to recall crucial details. His responses were often evasive or lacking in clarity. The outcome of his testimony could greatly impact the final verdict and determine whether he will face severe penalties or potential acquittal. It remains to be seen how effective Bankman-Fried’s defense will be in countering the prosecution’s allegations.
Source: Decrypt
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