“This is fraud,” prosecutors said in closing arguments at the SBF hearing.

The trial of Sam “SBF” Bankman-Fried has reached its final stage, with the prosecution presenting closing arguments in the case on November 1.

Closing arguments are the last opportunity for lawyers to convince the jury and judge that they should win the case. Prosecutors previously estimated their closing arguments would last up to four hours. Immediately, Bankuman-Fried's defense presents its closing arguments.

“That's fraud. It's plain and simple theft. It was Alameda before FTX,” Assistant U.S. Attorney Nicholas Roos told jurors, presenting one of several charts the government will use as evidence.

FTX's former CEO faces seven counts of fraud and conspiracy to defraud. Bankman-Fried could face up to 115 years in prison if convicted. A jury of twelve will decide his fate in the coming days.

Prosecutors in their indictment against Bankman Fried have accused nearly 20 witnesses of defrauding FTX investors, clients and affiliates by pooling their money with Alameda Research.

“The defendant set up two different ways. If you believe even one of the three accomplices, the defendant is guilty. An unlimited line of credit means unlimited money from FTX. Ellison told us, he led us. So did Gary Wang.”

The defense, for its part, has tried to portray Banemann Freud as an entrepreneur who made “troubling mistakes” in good faith, denying allegations that the insider group made political contributions, made investments and bought luxury real estate with client money. .

The government presented extensive evidence, including testimony from officials and law enforcement officials involved in the case, and Bankuman-Fried's defense faced a tough challenge in convincing jurors of his innocence. Russ continued:

“Defendant FTX marketed its liquid engine as safe. He told Congress that not only was a promise, but a lien placed on his platform. But the secret rules allowed Alameda to borrow billions without risk.”

The trial of Sam Bankman-Fried has been taking place since October 3 in Manhattan's Southern District Court. You can follow Cointelegraph's coverage of the trial.

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