Sam Bankman-Fried will likely defend himself at his fraud trial, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise.
, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise.
"We got overconfident and careless," Bankman-Fried wrote on X, formerly known as Twitter, on Nov. 16, five days after FTX filed for bankruptcy. "And problems were brewing. Larger than I realized." FTX ultimately halted withdrawals in November as customers raced to pull out their money due to concerns over commingling of funds between the exchange and hedge fund. But Bankman-Fried is likely to argue that was due to his failures running the business, not any theft of funds, said Jordan Estes, a former federal prosecutor.
U.S. District Judge Lewis Kaplan barred Bankman-Fried from calling an expert witness to share his interpretation of the terms of service, but did not rule out letting the defendant cross-examine witnesses about the terms.Testimony from former colleagues who were close to Bankman-Fried could challenge his claim of good faith. Three former members of his inner circle -and former FTX executives Gary Wang and Nishad Singh - have pleaded guilty and are set to testify against him at trial.
Bankman-Fried is likely to argue that his former colleagues are motivated to falsely implicate him in the hope of winning a more lenient sentence, a common tactic in criminal cases involving cooperating witnesses, experts said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Sam Bankman-Fried’s fraud ran through Washington, prosecutors sayThe FTX founder orchestrated one of the largest ever campaign-finance frauds in an attempt to buy favorable political treatment, prosecutors will argue.
Weiterlesen »
Sam Bankman-Fried Goes on Trial TomorrowCrypto's biggest trial begins tomorrow. Its outcome may hinge on Sam Bankman-Fried's former colleagues.
Weiterlesen »
Sam Bankman-Fried opposes Ukraine FTX victim testifying remotely, lawyers tell trial judgeThe former FTX CEO's criminal trial is due to begin on Tuesday.
Weiterlesen »
Sam Bankman-Fried’s Trial Is Is a Reminder for Crypto Traders to Be WaryIt's a reminder to investors how little recourse they have should the trading platforms they do business with go under.
Weiterlesen »
As trial looms, Sam Bankman-Fried’s own words may pose his biggest riskThe founder of FTX is accused of bilking customers and investors out of billions of dollars in the 2022 collapse of his cryptocurrency empire.
Weiterlesen »