Key Insights:
On October 26th, the trial of Sam Bankman-Fried is expected to come to a close as prosecutors are preparing to rest their case soon.
A total of 20 witnesses have testified in the case against Bankman-Fried following a long court battle in the past few weeks.
Prominent among the witnesses are investors, former FTX workers, government officials, and law enforcement agents.
The center of the prosecution argument is that Bankman-Fried intentionally created the $8 billion gap, which resulted from decisions falsely made in November 2022 between FTX and Alameda Research.
The focus has shifted to Bankman-Fried's defense team to determine whether they will appeal the case or go on with the trial. No comments have yet been made concerning this from his camp. However, if they are willing to present a case, this will also begin in court on October 26.
Sam Bankman-Fried's counsel, which is led by Mark Cohen and Christian Everdell, couldn't convince jurors with the narrative they presented during the court case.
Another error was made on their side during the cross-examination of Bankman-Fried's closest associates, like Adam Yedidia, Caroline Ellison, Nishad Singh and Gary Wang. They were unable to get these individuals to testify in their favor. Instead, they further accused Bankman-Fried of being the mastermind behind their crimes.
One of the attorneys overseeing the court proceedings said that a case intimated by the government is likely to lead to indictment; however, the main job of proving the crimes of the defendant relies solely on the prosecutor's actions.
In the previous week, the court heard the testimony of a former engineering director from FTX who told jurors that Bankman-Fried directed him to make millions of dollars in investments from Alameda.
According to the engineering director, whose name was given simply as Singh, he claimed he never knew the money gotten through those investments was linked to the customer's deposits at FTX. If convicted, Singh could face up to 75 years in prison for fraud charges linked to the cryptocurrency exchange.
Also, in the trial for the past week, District Judge Lewis Kaplan got upset and complained about how the prosecutors were handling their witnesses. He blasted both counsel and the prosecutors by saying that:
"We had a witness this morning who knew absolutely nothing…and this afternoon we flew somebody in from Texas. He knows nothing or next to nothing."
FTX's former general counsel, Can Sun, revealed to the court a spreadsheet that shows up to $2.1 billion in loans linked to other executives of FTX and Bankman-Fried.
He also told jurors that he wasn't aware of the exchange of funds done with Alameda. Can Sun is currently cooperating with the prosecutors and the government in this case against Sam Bankman-Fried.
If convicted, Sam Bankman-Fried could face up to 115 years in prison for fraud charges and conspiracy.
As the trial of Sam Bankman-Fried gears to a conclusion, the prosecutors have tried to link him to a significant financial fraud leading to millions between FTX and Alameda Research. The drama continues to unfold in the courtroom as more witnesses are called upon to testify.
Other close associates of Bankman-Fried have denied any involvement while pinning it all on him as the mastermind.
It is not clear if a verdict will be reached or an appeal will take place. If convicted, Bankman-Fried could spend all his years behind bars for fraud.
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