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SBF’s trial begins, more layoffs, Israel at war with Hamas, Ripple secures another victory | Weekly Recap

Press Releases Crypto News Crypto-News SBF’s trial begins, more layoffs, Israel at war with Hamas, Ripple secures another victory | Weekly Recap

This week, FTX founder Sam Bankman-Fried’s trial began; the crypto sector witnesses more layoffs; a Hamas-led attack stuns Israel; Ripple vs. U.S. SEC continues.

SBF faces trial

Sam Bankman-Fried’s trial continues on Tuesday, Oct. 10 with testimony from former Alameda CEO Caroline Ellison.

Before the trial began on Oct. 3, attorneys declined a request for a Ukrainian FTX customer to testify remotely. Prosecutors wanted this because most FTX clients live in the U.S., and one Ukrainian couldn’t travel due to wartime restrictions.

Bankman-Fried’s legal team cited concerns about the emotional impact of the conflict between Russia and Ukraine and potential jury bias.

The trial commenced in New York, with Bankman-Fried entering the courtroom accompanied by five lawyers. He faces charges related to fraud against customers and investors. Interestingly, no plea offer was made by the prosecution.

Judge Kaplan hinted at a possibly quicker trial than expected and gave jurors strict instructions to avoid trial-related news. Some of the jurors had affiliations with crypto entities.

Witnesses include FTX’s former CTO, Gary Wang, as well as former exec Nishad Singh, and attorney Daniel Fried. Ryan Salame, a former FTX executive who had pleaded guilty, seemed unwilling to testify against Bankman-Fried.

Alameda’s unlimited privileges on FTX

On the second day, federal prosecutors alleged that Bankman-Fried deceived the public about FTX’s financial status. The defense, on the other hand, aimed to place responsibility for FTX’s implosion on Ellison and Bitcoin’s volatility.

Wang Go to Source to See Full Article
Author: Wahid Pessarlay

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