Sam Bankman-Fried's trial: four key points raised in opening statements
© Reuters. FILE PHOTO: Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo
Bankman-Fried pleaded not guilty. Opening statements by prosecutor Thane Rehn and defense lawyer Mark Cohen made it clear that four points of contention, described below, will be crucial to the trial, which is expected to last up to six weeks.In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. Rehn said he bought beachfront property in the Bahamas and donated to a nonprofit his brother founded.
From Cohen's point of view, FTX and Alameda Research - a crypto-focused hedge fund also controlled by Bankman-Fried - were casualties of a downturn across the cryptocurrency sector, which was subject to fluctuations based on"many factors that nobody controlled." But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. Blaming FTX's implosion on the broader downturn in crypto amounts to"excuses," Rehn said.Rehn told jurors that Bankman-Fried stole customer funds in two ways: by duping FTX customers into sending money intended for their trading accounts to Alameda, and through a"secret special privilege" embedded in FTX software that let Alameda make unlimited withdrawals.
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