- Prosecutors argue SBF's decisions led to a $8B gap between Alameda and FTX
- His legal team had problems presenting a coherent narrative to the court
- Indictment is 95% likely when the government initiates a case
Sam Bankman-Fried’s trial is entering its final stages. After examining almost two dozen testimonies, the prosecution is expected to rest their case on Oct. 26.
Among the prosecution’s witnesses are former FTX employees, clients, investors, representatives of law enforcement, and government officials. The prosecution argues that Sam Bankman-Fried purposefully deceived everyone involved and his decisions led to a $8 billion gap between Alameda and FTX in November 2022, Cointelegraph wrote.
Defense to present its case on October 26
Bankman-Fried’s legal team has not confirmed whether they plan to waive the case. If they present one, it will also be on Oct. 26.
The teamhad problems presenting a coherent narrative to the court. They missed critical arguments while cross-examining Gary Wang, Caroline Ellison, and other people who were close to SBF. His former friends and coworkers accused him of directing them to break the law.
Chances of acquittal are slim
According to a legal expert, indictment is 95% likely when the government initiates a case. They emphasized the significant challenge the defense faces. The burden of proof rests with the prosecutors, however.
Trial highlights
Nishad Singh, former FTX engineering director, testified that he “learned of a hole” in company finances in September last year. He noticed that $8 billion was missing from the company. Despite that, he approved transfers that he knew were probably sourced from customer funds.
Singh faces fraud charges, which carry up to 75 years in prison.
Over the past few days, the court also heard testimony from FTX’s former general counsel Can Sun. Sun is cooperating with the government. He presented a spreadsheet used to trace loans of $2.1 billionto Bankman-Fried and other FTX executives. Sun claims he wasn’t aware that FTX and Alameda commingled funds.
If he is convicted of fraud, Bankman-Fried faces up to 115 years in prison.
