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SBF trial day 16: Judge Kaplan denies acquittal motion, closing arguments set for Nov. 1

Press Releases Crypto News Crypto-News SBF trial day 16: Judge Kaplan denies acquittal motion, closing arguments set for Nov. 1

Sam Bankman-Fried’s testimony concluded on Oct. 31 as prosecutors outlined inconsistencies in his statements and defense lawyers pointed to erroneous management decisions taken by other executives like FTX co-founder Gary Wang and ex-Alameda Research CEO Caroline Ellison.

Prosecutors fielded multiple exhibits detailing Bankman-Fried’s media run in the wake of FTX’s collapse. The former crypto billionaire was noted as distancing himself from Alameda Research and insisting that his trading firm was a separate entity from the FTX crypto exchange.

Private conversations entered into court records told a different tale as federal attorneys highlighted contradictions in statements made by the defendant about his twin entities Alameda and FTX, per InnerCityPress.

Judge Lewis A. Kaplan of a New York district court alluded to the chances of a verdict by next Friday, Nov. 3.

FTX founder said he wasn’t fully informed of Alameda’s liabilities

Bankman-Fried was questioned about hospitality extended to the Bahamian Prime Minister Philip Davis, which included courtside seats at the FTX Miami Arena and allowing Bahamas customers to withdraw crypto when the exchange turned insolvent.

Government lawyers called up an email drafted by the FTX founder authorizing withdrawals for Bahamas users.

While under oath, Bankman-Fried answered questions ranging from Alameda’s use of $8 billion in FTX customer fiat deposited via the North Dimension account at Silvergate Bank, to FTX’s special code and hundreds of millions invested into firms such as K5 Global and Anthropic.

Bankman-Fried said he signed off one $35 million apartment purchase but rebuffed allegations about the code bug that allowed Alameda access customer crypto and cash.

Executives at the companies said they were handling the issue, by Bankman-Fried’s account, and he, in turn, Go to Source to See Full Article
Author: Naga Avan-Nomayo

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