As the intense trial of Sam Bankman-Fried, former CEO of the now-defunct cryptocurrency exchange FTX, nears its conclusion, the legal battle intensifies.
On the last day of the trial, the prosecution makes a solid impression. How? Well, read on to find out!
Was Fried Not Credible Enough?
Bankman-Fried’s persistent claim of ignorance about the dire situation at FTX and its sister firm, Alameda Research, until the last moment is under scrutiny. The prosecution has highlighted inconsistencies and questioned his credibility.
Danielle Sassoon, the U.S. Assistant Attorney, strategically grilled Bankman-Fried on events dating back to June 2022, a pivotal moment disclosed by former FTX executives now cooperating with the authorities. They allege that it was then that an $8 billion shortfall in Alameda’s accounts came to light, a deficit purportedly covered using FTX customer funds.
Read More: Sam Bankman-Fried’s Ties With Alameda in Question: What Is He Hiding?
Bankman-Fried Had a Defense Planned
In his defense, Bankman-Fried admitted awareness of the “fiat@” account at Alameda but claimed a lack of understanding regarding its critical relevance. He portrayed a scenario where his inquiries about the account were dismissed by his team, claiming that it was only in October 2022 that he fully grasped the severity of the situation.
However, Sassoon was relentless, exposing discrepancies in his testimony and presenting evidence that suggested he might have been more aware of the financial instability than he let on.
Sassoon scrutinized Alameda’s assets and liabilities, drawing attention to the $3.9 billion worth of FTT tokens listed as liquid assets. She highlighted the impossibility of liquidating such a vast amount without destabilizing the market, a fact Bankman-Fried acknowledged.
Closing Arguments on the Horizon
As the defense wraps up its case with no more witnesses to present, the spotlight turns to the closing arguments. The prosecution has meticulously connected Bankman-Fried to dubious financial practices between FTX and Alameda Research, backing their claims with a trove of text messages, spreadsheets, and social media posts.
Read More: Sam Bankman-Fried Reveals Longtime Desire to Sell FTX to Binance
Now, as the trial reaches its final stretch, the world watches, eagerly awaiting the jury’s decision in this landmark case.
