With the prosecution now done with proving that disgraced crypto founder Sam Bankman-Fried (SBF) is culpable for the downfall of his FTX exchange platform, it’s now time for the defence’s turn…
Until recently, it’s been uncertain as to whether SBF himself will be testifying, however per statements from a hearing from yesterday (Wednesday 25th October), lead defence lawyer Mark Cohen confirmed that his client will in-fact be taking to the stand.
In turn, this means that after almost a week-long break from the Manhattan courtroom, SBF and his lawyers will be returning in push-back to the allegations and evidence put forward by witnesses such as Caroline Ellison, Nishad Singh, Adam Yedidia, and Gary Wang (and 15+ others).
Today (Thursday October 26th) is when SBF is likely to begin testifying against his charges - which, if you forgot, relate to the theft of as much as $10 billion from FTX customers. Further, October’s specific case dynamics come after SBF pleaded not guilty to seven in-question charges, which each relate to fraud and money laundering conspiracies.
Per yesterday’s hearing, the defence is planning to call on three additional witnesses (which will come forward before SBF does). These include financial services consultant Joseph Pimbley - who is expected to testify about the finances of FTX and Alameda Research - a Bahamian lawyer who’s been heavily involved in the case from the off, and an expert in corporate record preservation.
And when it comes to his own preservation, if explanations over the coming days aren’t enough to mitigate the mass amount of evidence provided by the prosecution and key witnesses, the former MIT student will likely spend the rest of his life behind bars.
Be sure to keep tabs on trail updates using Crypto Presale, as with crypto’s most notorious villain now about to speak-up for himself, we expect an abundance of new talking points to unfold.
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This article is intended for educational purposes and is not financial advice.