The prosecution brought plenty of evidence, from spreadsheets and audio recordings to witness testimony. SBF's lawyer simply asked, 'But why?'
Assistant U.S. Attorney Nicolas Roos painted a dire picture in front of the jury when he described the collapse of FTX and the role of its CEO and founder, Sam Bankman-Fried. Not only did he knowingly misappropriate customers’ money, but he also lied about it under oath, the prosecutor told the jury on Wednesday.
The first such occasion Roos identified was when FTX bought back its own shares from Binance in 2021. Bankman-Fried was well aware that Alameda did not have enough money for the deal and would have to borrow from FTX but greenlighted it anyway, Roos said. A similar approach was applied the same year to venture investments in Genesis Digital Assets, Anthropic, K5 and others.
"He took the customers’ money, he knew it was wrong. But he thought he was smart, that he could make it back," the prosecutor said, adding to the jury: "And it ends with you today." Bankman-Fried’s argument that he didn’t know how bad things were at Alameda and FTX right before the crash is also false, Roos said. "I mean, give me a break, this is a lie!"Rather than rebut each and every one of the prosecution's assertions, Bankman-Fried's lead attorney Mark Cohen, after thanking the jury for their time, attention, and service, chose instead to attack the heart of the government's narrative.
Cohen argued that the government's story of a willful conspiracy fell flat in certain circumstances. For instance, the infamous $65 billion line of credit for Alameda, as well as its unique ability to have a negative balance on FTX without getting liquidated, were created "in response to business issues" and aimed "to help customers, not hurt them," Cohen said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Inside the trial: Prosecution scores more points on last day of SBF's testimonyThe prosecution has been able to poke holes in Bankman-Fried’s line of defense that he did not understand how bad things were at FTX.
Lire la suite »
SBF Trial Latest Dispatch: Sam Bankman-Fried gave special FTX perks to Bahamian officialsThe trial of Sam Bankman-Fried (SBF) continued on Tuesday with the FTX founder offering interesting revelations about the last days of the crypto platform.
Lire la suite »
SBF offers wooden 'regret' for not questioning highly unusual arrangement that netted his fund billionsSBF offers wooden 'regret' for his hedge fund removing billions of FTX users' funds before leaving stand
Lire la suite »
SBF visibly annoyed during trial, uses mocking voice to answer prosecutorsFielding questions from his own attorney, the FTX founder was focused and confident. The cross-examination drew out a different SBF, appearing to take aim at his duplicitous side.
Lire la suite »
SBF criminal trial moves to closing argumentsSBF has denied all allegations of committing fraud with FTX customers' deposits.
Lire la suite »
SBF TRIAL Podcast 11/01: Sam Bankman-Fried’s Final Day of TestimonyListen to the latest SBF trial updates by the CoinDesk Podcast Network.
Lire la suite »