Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 13]

Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam “SBF” Bankman-Fried. As the saga unfolds, check below for the latest updates.

Oct. 26: Prosecutors rest their case

Attendees of Sam Bankman-Fried’s trial on Oct. 26 had a disappointing morning as attorneys from both sides kept an endless cycle of repeated questions, sidebars and objections, prompting District Court Judge Kaplan to interrupt witness testimony and urge attorneys to move forward.

Prosecutors rested their case early this morning after FBI Agent Mark Troiano briefly testified as the last government witness. In his analysis, more than 300 Signal groups with Bankman-Fried were examined. Most of these groups had enabled the auto-delete feature, which deletes messages after a specified period.

Following a short break, the defense called as a witness Bahamas attorney Krystal Rolle, who represented Bankman-Fried and FTX in November 2022. Rolle said that she was part of a group that met with the Securities Commission of the Bahamas on Nov. 12 related to the collapse of FTX.

Although her testimony did not offer much new information, she shared with the jury that FTX transferred all digital assets held in its custody to the Bahamas regulator the same day a court order was issued.

Joseph Pimbley, a financial consultant with a Ph.D. in physics, was the second witness presented by the defense. His work on the case included an analysis of FTX’s code and database.

According to Pimbley’s findings, in November last year, FTX had over $5.8 billion in assets from accounts with spot margin, lending or futures trading enabled. The amount does not include balances of FTX entities or Alameda Research. During the cross-examination, prosecutors pointed out that the FTX database did not accurately reflect its bank accounts at that time.

Oct. 19: Former FTX legal counsel presents spreadsheet used to track $2.1 billion in loans to SBF, other execs

FTX’s former general counsel Can Sun was unaware of the exchange’s commingling of funds with Alameda Research, he told jurors on Oct. 19 as part of his testimony in Sam Bankman-Fried’s criminal trial.

Sun said he learned about Alameda’s e

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Author: Ana Paula Pereira

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