Week 2 of Sam Bankman-Fried’s trial in New York continued after premiere witness accounts from SBF’s inner circle as federal prosecutors pointed the jury to alleged fraudulent schemes masterminded by the FTX founder himself.
Day 4 of SBF’s trial ended a few minutes ahead of schedule, but not before Gary Wang dealt potentially heavy blows to the founder’s defense.
Wang, former Alameda and FTX CTO, told the court of special code written to allow SBF’s hedge fund withdraw without limits, adding that SBF lied to the public about how FTX treated customer cash and assets, per InnerCityPress.
Before that, another childhood friend and ex-FTX developer Adam Yedidia said Bankman-Fried admitted that the crypto exchange was not “bulletproof”. This was after Yedidia became aware of the gaping hole in Alameda’s financials which grew from $500 million to nearly $8 billion in a few months.
So far, the defense’s argument has centered around flying a plane while building it, an analogy synonymous with every startup according to defense attorney Mark Cohen and his four colleagues in charge of SBF’s defense formation.
Indeed, SBF’s lawyers insisted that Alameda’s unorthodox access at FTX was due to its market responsibilities and that the firm was never positioned to defraud users.
Defense lawyers pressed that Bankman-Fried did not steal customer funds for his personal gain, but rather was undermined by Alameda’s poor hedging strategies and cry
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Author: Naga Avan-Nomayo
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