First Impressions: SBF Takes the Stand
As the curtains rose in the courtroom, all eyes were on Sam Bankman-Fried, the former CEO of FTX, who took center stage in what feels like a legal drama of epic proportions. The courtroom buzzed with anticipation on October 27 as he made his case, largely weaving a tale of ignorance regarding the alleged fraudulent activities that have marred the crypto exchange’s reputation.
Pointing Fingers: Blaming the Tech Team
Bankman-Fried didn’t pull any punches, suggesting that his former chief technology officer, Gary Wang, was the mastermind behind the infamous “allow negative” button that allowed the hedge fund, Alameda Research, to trade beyond its actual cash reserves. “At the time, I wasn’t entirely sure what was happening,” he said rather innocently, displaying the kind of selective memory that could make a cat burglar proud. This button, let’s just say, wasn’t designed for casual trading; it was more like handing a toddler a paintbrush and some expensive art supplies.
Team Dynamics: A Mixed Bag
When asked about his dynamic duo at Alameda, Bankman-Fried was quick to praise former co-CEOs Caroline Ellison and Sam Trabucco, yet he couldn’t resist critiquing Ellison’s skills. He highlighted her as an “empathetic manager” but criticized her lack of technical prowess and risk management focus. It’s like saying your favorite chef can whip up a mean soufflé but couldn’t boil water to save their life. Talk about throwing someone under the bus—as long as that bus didn’t drive over him first!
The Clash of Testimonies
It’s a classic case of he-said-she-said, with Bankman-Fried’s testimony clashing directly against earlier statements from Wang and Ellison. Wang had testified in October that it was Bankman-Fried who specifically ordered the negative button’s creation back in 2019, while Ellison had expressed her wish to step down, only to be convinced to stay by SBF’s charm—or perhaps it was just to avoid the rumor mill. Smooth moves, Sam!
Upcoming Days: The Verdict Awaits
The drama thickens as we approach the final stages of this gripping trial, which kicked off on October 3. By October 30, Bankman-Fried’s defense lawyer, Mark Cohen, is set to wrap up his questioning. Soon after, the Justice Department gets their shot at cross-examination—like a game of legal ping pong. With five more criminal counts awaiting his fate in a second trial slated for March 2024, SBF’s not going anywhere fast, especially not with a “not guilty” plea firmly on his lips.
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