Sam Bankman-Fried testified to challenge the government’s claims, the attorney told the judge.

The content of former FTX CEO Sam Bankman-Fried's possible future testimony was outlined in a letter written by attorney Mark Cohen to Judge Kaplan.

In a letter filed by Mark Cohen to inform the court of Mr. Banman-Fried's planned testimony on direct examination, the defendants requested that the defendants be allowed to call witnesses about Mr. Banman-Fried's failure to provide counsel in specific cases. From October 1, 2023

FTX, FTX US and Alameda Research entered bankruptcy proceedings, in On November 11, 2022, Bankman-Fried stepped down as CEO. He was arrested in the Bahamas on December 12 after the US government officially notified the country of the charges against him. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO (and alleged lover of SBF at times) Ellison have agreed to plead guilty to the burgeoning case.

Sam Bankman-Fried's testimony challenges the government's allegations, particularly regarding counsel's involvement in events such as the auto-cancellation policies, the creation of the North Dimension entities, the paying agent agreement, the Alameda loans, and the drafting of FTX's terms of service. Understanding the counselor's role is critical to demonstrating trust in proper and legitimate conduct.

The defendant argued that Mr Bankman-Fried's understanding of the involvement of solicitors was related to his state of mind and good faith. Additionally, they confirm that knowledge of industry practices is essential to demonstrate the confidence to operate in accordance with accepted regulations.

According to the letter, former Alameda Research CEO Caroline Ellison provided fabricated information, as well as former FTX Chief Technology Officer Gary Wang's testimony about allowing Alameda to “spend unlimited money,” as well as former FTX engineering director Nishad Singh's testimony. It supports Alameda's “excessive” celebrity purchases, underscoring the importance of Mr. Bankman-Fried's November 12, 2022 testimony regarding his intent to counter the inferences drawn from prior witness statements.

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In addition, the defense contended that Mr. Banman-Fried's 2006 release was in compliance with instructions from the Bahamian authorities. The letter noted that he plans to have them testify about his bona fides on November 12, 2022. This testimony revolves around the belief that Bahamian authorities prioritize the safety of FTX's clients and that FTX's in-house and US bankruptcy counsel have conflicts of interest.

The US government is expected to finish its case against SBF on the morning of October 26, with defense lawyers expected to finish the next day. Prosecutors added that they were unsure whether rebuttal witnesses were necessary based on Bankman-Fried's testimony. Closing arguments may be held before October 31st.

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