The federal prosecution has just rested its case against Sam Bankman-Fried, the founder of the bankrupt cryptocurrency FTX. He has plead “not guilty” to two charges of fraud and five charges of conspiracy. Three of his former colleagues have plead “guilty” and testified against Bankman-Fried. The prosecution alleges that Bankman-Fried misappropriated funds to his own hedge-fund, Alameda research. The position the defence seems to be taking is that Bankman-Fried never intended to steal funds and that his former colleagues that testified against him tailored their testimonies against him to get lighter sentences. Luc Cohen and Jody Godoy from The Star pointed out in their article on the 26th October that defence is a risky move given that it will subject Bankman-Fried to cross-examination from the prosecution regarding witness testimony.[1] The prosecution is concluded and the defence has begun and could conclude as early as the 28th of October.
[1] Luc Cohen and Jody Godoy, “US prosecutors rest case against FTX founder Sam Bankman-Fried,” The Star, October 26, 2023, https://www.thestar.com.my/tech/tech-news/2023/10/26/sam-bankman-fried-could-take-stand-at-fraud-trial-over-ftx-collapse.
