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NEW YORK, Oct 2 - Sam Bankman-Fried will likely defend himself at his fraud trial, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise.
"We got overconfident and careless," Bankman-Fried wrote on X, formerly known as Twitter, on Nov. 16, five days after FTX filed for bankruptcy."And problems were brewing. Larger than I realized." FTX ultimately halted withdrawals in November as customers raced to pull out their money due to concerns over commingling of funds between the exchange and hedge fund. But Bankman-Fried is likely to argue that was due to his failures running the business, not any theft of funds, said Jordan Estes, a former federal prosecutor.
Prosecutors with the U.S. Attorney's Office in Manhattan have pointed to a section of the FTX terms of service stating users retain the title to their digital assets at all times, and argued Bankman-Fried falsely said in public statements - including FTX commercials - that the exchange properly maintained customer assets.
"Cooperating witnesses like Caroline Ellison and Gary Wang ... are able to provide an insider's perspective on what was happening behind closed doors, which can be very powerful to show intent," said Tim Howard, a former federal prosecutor in Manhattan and now a partner at law firm Freshfields.
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