Fun

News Feed - 2023-10-23 02:10:23

Ana Paula Pereira6 hours agoSam Bankman-Fried trial moves to final stagesThe trial of Sam Bankman-Fried is reaching a conclusion, with the prosecution set to rest its case on Oct. 26.8114 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksSam Bankman-Fried’s trial is reaching its final stages over the next few days, with the prosecution scheduled to rest their case on Oct. 26 following the examination of almost 20 testimonies in the case.


The prosecution presented a lineup of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. At the heart of the case is the central argument that Bankman-Fried intentionally deceived all of them and that he was behind the decisions resulting in the $8 billion gap between FTX and Alameda Research in November 2022.


As for Bankman-Fried’s defense, they still haven’t confirmed whether they will waive the case. In criminal trials, attorneys aren’t required to present a defense. Assuming his legal team will present a case, it will also begin on Oct. 26.


Bankman-Fried’s counsel, led by Mark Cohen and Christian Everdell, has struggled to present a narrative to jurors. The attorneys even missed crucial arguments during the cross-examination of his former closest friends, including Caroline Ellison, Nishad Singh, Adam Yedidia, and Gary Wang. Cooperating with the government, the group accused Bankman-Fried of directing them to commit crimes.


An attorney observing the trial told Cointelegraph that when a case is initiated by the government, there is a 95% likelihood of indictment, underscoring the significant challenge faced by the defense. Prosecutors, however, have the burden of proving the alleged crimes.


Related: Caroline Ellison wanted to step down but feared a bank run on FTX


Among the highlights of the previous week in court was the testimony of former FTX’s engineering director. Singh told jurors that Bankman-Fried instructed him to make millionaire venture investments via loans from Alameda. According to Singh, he didn’t know the funds were tied to FTX customer’s deposits. Singh faces up to 75 years in prison for charges related to defrauding users of the crypto exchange.


The week also saw District Judge Lewis Kaplan run out of patience with lawyers representing both parties after a witness fleeing Texas for the trial testified for roughly 15 minutes.


“We had a witness this morning who knew absolutely nothing…and this afternoon we fly somebody in from Texas [...] he knows nothing or next to nothing,” Judge Kaplan said, complaining about prosecutors and the defense"s witnesses strategies.


Also in the last few days, FTX’s former general counsel Can Sun presented a spreadsheet used to track $2.1 billion in loans to Bankman-Fried and other executives. Can was unaware of the exchange’s commingling of funds with Alameda, he told jurors. He is also cooperating with the government in the case.


Bankman-Fried could spend up to 115 years in prison if convicted of fraud and conspiracy to commit fraud.


Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines# Business# Sam Bankman-Fried# FTXAdd reactionAdd reactionRead moreToken adoption grows as real-world assets move on-chainSam Bankman-Fried’s trial is telling a story of classic financial deceitSecret Alameda recording reveals exact moment staff learned about FTX deposits

News Feed

Spanish Treasury Releases Guidelines to Minimize the Risk of Tax Evasion With Cryptocurrencies
Spanish Treasury Releases Guidelines to Minimize the Risk of Tax Evasion With Cryptocurrencies The State Agency for Tax Administration of Spain published guideli
Analyst Predicts 50% “Moonshot” For XRP Price If This Line Breaks
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Price Outlook: Will BTC Rebound Or Drop To $76,000?
Este artículo también está disponible en español. The price of Bitcoin (BTC) has shown only sideways movement in the last day resulting in a minor price loss of 0.37%. In
Mozilla ‘Pauses the Ability to Donate Crypto’ After Complaints and ‘Environmental Impact’ Considerations
Mozilla "Pauses the Ability to Donate Crypto" After Complaints and "Environmental Impact" Considerations On December 31, the software community founded in 1998, Mozilla, announced
Bitcoin Price To Break $125,000 But Sell Everything In October, Analyst Warns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Mitchelhill5 hours agoOptimism OP token slips 10% in week ahead of $30M token unlockOptimism slid as much as 10% in the week leading up to a scheduled token unlock that will see 24 million OP tokens released onto the
Billion Dollar Bitcoin Lawsuit Verdict Appealed — Self-Proclaimed Bitcoin Inventor Expects a Win
Billion Dollar Bitcoin Lawsuit Verdict Appealed — Self-Proclaimed Bitcoin Inventor Expects a Win The law firm representing Ira Kleiman has sent a notice of appeal to the Florida
Bitcoin Pulls Away From Stock Market as Price Staying Above $8,000 Signals Strength – Bloomberg Analyst
Bitcoin Pulls Away From Stock Market as Price Staying Above $8,000 Signals Strength - Bloomberg AnalystBitcoin (BTC) staying above $8,000 is a sign of increasing momentum and detach
Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option
Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option Days after the two institutions agreed on the need for cross-border crypto pay
Bitcoin MVRV At Critical Breakout Point – Is A Price Rally Imminent?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services
Philippines Financial Institution Unionbank Now Provides Crypto Custody and Trading Services The Union Bank of the Philippines, Inc., more commonly known as Unionbank, announced th
19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found
19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found On April 1, 2022, records show that 19 million bitcoin have been mined into circulation. With the ma