The post SBF trial recap: ‘FTX was not fine, assets were not fine’ appeared on BitcoinEthereumNews.com.

Sam Bankman-Fried is being tried for seven counts of federal offenses in a Manhattan courthouse. While the trial is expected to last roughly six weeks, there’s a chance it runs longer.  The prosecution told the judge on Thursday, “We’re a little behind where we were hoping to be at the end of the week.” Anthony Scaramucci, whose name was mentioned in a long list of possible witnesses or people who may be mentioned throughout the trial, said that he thinks the trial will be done by Christmas. The prosecution and the defense set the tone of the trial in their opening remarks.  Lawyers representing the government claimed that Bankman-Fried “lied to the world” and “stole billions of dollars from thousands of people.” Alameda received “special access” from FTX, they continued.  Bankman-Fried’s legal team attempted to set up his character: “a math nerd who didn’t drink or party.” He didn’t “defraud anyone…Sam didn’t intend to defraud anyone.” “Working on a startup, or at a startup, is like building a plane while you’re flying it,” attorney Mark Cohen said of FTX’s work environment.  Following jury selection and opening statements, the first week really boiled down to what the witnesses had to say. The prosecution presented its initial four witnesses, clearly building out the government’s intended approach for the duration of the trial. Here’s a look at everyone we’ve heard from during week one as we get ready for a slew of new witnesses this week, including ex-Alameda CEO (and Bankman-Fried’s ex-girlfriend) Caroline Ellison. In December 2022, Ellison pleaded guilty to two counts of conspiracy to commit wire fraud, two counts of wire fraud, a count of conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Gary Wang FTX co-founder and co-owner of Alameda took the…

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Filed under: News - @ October 9, 2023 2:10 pm