Will Sam Bankman-Fried fix the issue when he takes the stand?
Sam Bankman-Fried (SBF) had a lot going against him before his trial: the anger of many in the crypto space, the skepticism of US policymakers and some negative attention in the media seeking click angles from the former CEO of FTX. meet with.
None of that had any bearing on the case the lawyers planned to make at trial, which so far seemed to give jurors little to counter the grand narrative presented by prosecutors. With few exceptions, the testimony of the Justice Department witnesses is simple even for those unfamiliar with the intricacies of crypto trading and investments.
Former Alameda Research CEO Caroline Ellison admitted to falsifying numbers, while former FTX chief technology officer Gary Wang said he led efforts to allow SBF Alameda to “spend unlimited money.” Former FTX engineering director Nishad Singh also testified about Alameda's “excessive” purchases of celebrity endorsements.
RELATED: Michael Lewis's New Book Makes a Positive Turn on Sam Bankman-Fried
“[Sam] On October 10, 2007, Ellison told the jury about investment risks. “
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During the trial, defense attorneys Mark Cohen and Christian Everdale repeatedly asked for objections and sidebars — a time when the attorney could address the judge without a jury trial — but did not appear to offer questions to witnesses that would significantly help SBF's case or sway the jury. . Jurors heard testimony that Alameda painted SBF as a motive for using FTX's customer funds without the users' knowledge.
RELATED: Sam Bankman-Fried trial moves into final stages
One of the few holes in Singh's testimony that defense attorneys were able to point to was that he took out a personal loan to buy a vacation home in 2022 before FTX's bankruptcy, admitting to being a little fuzzy on the details. After outlining their case in opening arguments on Oct. 4, Cohen and Everdale indicated they would present evidence pointing the finger at Ellison for most of the crimes. Yet while Ellison, Wang and Singh all accepted plea deals and told parallel versions of the same story, SBF lawyers' cross-examination came off as milquetoast.
Sam Bankman may risk testifying in a criminal trial
Threat? Dude went on last year's Shoe Boy podcast to explain that he's so “sorry.”
— zerohedge (@zerohedge) October 25, 2023
Soon SBF's legal team will be calling witnesses, which we learned on October 25 will include the former CEO of FTX himself. The only reason to call Bankman-Fried in the defense trial is to strengthen the case, and that means making the jury believe SBF, according to his own lawyers, a socially awkward “accounting nerd” against his colleagues. When he testified what he did [he] The idea was right.” While it may be personally satisfying to the SBF, it doesn't seem to help defend its actions, let alone prejudice the jury for its suffering.
In Bankman-Fried, there is a striking difference between the pre-trial and mid-trial populations. The former CEO gave regular interviews with major media outlets, wasn't shy about tweeting his thoughts on the crypto market, and was considered by many to be one of the most influential people in the space.
Now, following his prison path, the SBF has gone from freedom in the Bahamas to house arrest with limited internet, to the point where few people have actually heard his voice or seen a photo of him in months — cameras generally can't get inside. The court, and will probably take a picture of him in prison. The former CEO has cut his hair and dressed casually in court, which many would have found unthinkable a year ago.
SBF attorneys and New York prosecutors will remain on the case until October 26, when court hearings continue. The defense team pointed to up to three witnesses – four including Banman-Fried – compared to about 20 people called by the prosecution. This strategy, according to Cohen, will take only a few days to present to the jury, after which time closing arguments will begin.
Defense attorneys have their work cut out for them.
Turner Wright is a policy reporter at Cointelegraph.
This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.
