The plot continues to thicken with the ongoing trial of FTX founder and former CEO, Sam Bankman-Fried.
Several updates continue to surface as the trial draws to a close, and both prosecuting and defendant parties presented their closing arguments on Wednesday.
Here are some of the highlights from Wednesday's session
According to Mark Cohen, the defense attorney for Bankman-Fried, Bankman-Fried was not a "monster" as the government portrayed him.
Cohen says that instead, his client is simply a "mistake-maker" who acted in good faith.
According to the defence attorney, SBF only made mistakes and never had the intention of defrauding anyone, which is not a crime.
During the trial, Cohen presented a human side of the FTX founder. This involved showing photos of him as a child with former President Bill Clinton, and another with Bankman-Fried sleeping on a private jet.
Cohen went further to criticize the government's trivial attacks on Bankman-Fried's dress sense and appearance, arguing that being "the worst-dressed CEO in the world" isn't a crime.
Cohen in his defence, also highlighted Bankman-Fried's openness and approachability.
According to the attorney, SBF was always willing to speak to the media, bloggers and journalists.
Cohen also the credibility of the government's witnesses like Bankman-Fried's former girlfriend, Carloline Ellison, Nishad Singh and Gary Wang.
Three of these witnesses worked closely with Bankman-Fried for years before FTX went under, and Cohen asked: "Why did they continue to associate with him if they thought he was so 'terrible'"?
Cohen further attacked the prosecution's argument by stating that SBF's habit of shuffling cards was just a way to cope with his fidgetiness and not a sign of gambling as the prosecution formerly claimed.
"Good faith is a complete defense. Mistakes are not a crime."
Cohen further emphasized the challenges of the crypto industry, and how volatile the markets can be.
The prosecution's closing arguments revolved around dtrying to convince the jury that Bankman-Fried is guilty of fraud and conspiracy.
According to assistant United States Attorney Nicolas Roos' argument:
"That's fraud. It's stealing, plain and simple."
Roos went further to present charts and evidence that showed how SBF blatantly lied, deceived investors and mishandled funds with Alameda Research.
According to Roos, Bankman-Fried set up two separate ways to steal money from FTX:
One of these ways was through an unlimited cash account at Alameda, and another through political contributions he made with customer funds.
Roos drew up the testimonies of three cooperators who worked with SBF and admitted their involvement in the scheme.
Roos said that if the jurors believed Ellison, Singh or Wang, then SBF was guilty.
Things do not look good for Bankman-Fried if convicted.
The 31 year old is facing seven counts of fraud and conspiracy to commit fraud. If the jury of 12 finds him guilty, SBF could face up to 115 years in prison.
The trial has attracted widespread attention in the crypto community, and is one of the most followed events of all time.
This is due to FTX/Alameda being one of the largest crypto exchanges in the world before crashing, with a valuation of over $25 billion and $2 billion in assets under management (AUM) respectively.
The prosecution has provided a lot of evidence, including testimony from authorities and law enforcement officers engaged in the investigation.
Overall, this may make it difficult for SBF's defense to convince jurors that he is innocent of the allegations.
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