The Courtroom Setup
On October 26, Sam Bankman-Fried, the infamous ex-CEO of FTX, stepped into the New York courtroom minus the 12-member jury’s watchful eyes. If you thought your high school drama club had enough tension, you clearly haven’t witnessed this spectacle yet!
Signal Shenanigans
Defense attorney Mark Cohen started with the hard-hitting questions revolving around Bankman-Fried’s use of the messaging app Signal. Apparently, the app’s auto-delete feature was a hot topic. When asked why he turned it off, SBF quipped, “I had heard from regulators,” leaving more than a few eyebrows raised. So, are regulators now the new messengers of crypto drama? Who knew?
The Mysterious North Dimension
Next up was the tale of North Dimension, the ‘shadowy entity’ shrouded in intrigue and alleged funds laundering. Cohen pressed Bankman-Fried on how he got involved with it. SBF casually mentioned signing papers handed to him by Dan Friedberg, a name that should soon be synonymous with ‘What Was I Thinking?’ The answer to the question, “Did you believe taking FTX deposits through Alameda was legal?” was a solid “I did.” Talk about confidence!
Customer Fund Capers
At the heart of this courtroom circus is the government’s claim that Bankman-Fried misused customer funds for investments through Alameda Research without the customers’ knowledge. With all the chit-chat with his legal team, it’s no wonder he got carried away in the world of futures trading. “I thought, only to futures trading,” he said, as if that cleared everything up. Was this a mastermind plan or just more of a comedy of errors?
The Awaited Verdict
With Bankman-Fried being the final witness after a three-week rollercoaster ride of testimonies, the stakes couldn’t be higher. The jury is expected to deliver their verdict soon—will SBF walk out of there as a free man? Or will he face the music? With five more charges looming in a second trial set for March 2024, it looks like the drama is far from over. Buckle up, folks!
+ There are no comments
Add yours