Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdale, has faced difficulties presenting a coherent narrative to jurors.
Co-Founder of FTX Sam Bankman-FriedThe trial is nearing its conclusion, with the prosecution scheduled to rest its case on October 26 after about 20 testimonies. Prosecutors have called numerous witnesses over the past three weeks, including former FTX employees, customers, investors, government officials and law enforcement agents.
FTX Co-Founder’s Test
The central argument of the case revolves around the allegation that Bankman-Fried knowingly defrauded these parties and played a role in the events that led to the $8 billion discrepancy. ftx and Alameda Research in November 2022.
On the other hand, Bankman-Freed’s defense team has not yet confirmed whether they will present a case. If they choose to present a defence, it will begin on October 26.
Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdale, has faced difficulties presenting a coherent narrative to jurors. His challenges included missing key arguments during cross-examination of former close associates of Bankman-Fried, including Caroline Ellison, Nishad Singh, Adam Yedidia and Gary Wang. These individuals accused Bankman-Fried of directing them to engage in illegal activities while cooperating with the government.
A lawyer observing the trial said that when the government launches a case, there is a 95% chance of securing an indictment, highlighting the huge hurdle the defense faces. Nevertheless, prosecutors bear the responsibility of providing evidence to prove alleged crimes.
Additionally, in the past few days, FTX’s former general counsel, Ken Sun, provided a spreadsheet that was used to monitor $2.1 billion in loans made to Bankman-Fried and other executives. During his testimony, Can Sun revealed that he had no knowledge of the mixing of exchange funds with Alameda. It is noteworthy that he is cooperating with the government in the ongoing case.
FTX creditors claim sale at 50c
The FTX lender claims market is gaining momentum, with some claims reported selling for more than 50 cents on the dollar. Thomas Brazile, partner at 117 Partners, a firm specializing in crypto bankruptcy claims, revealed that a claim worth more than $20 million recently went for a price range of 52 to 53 cents in an auction on October 20.
brazil Stressed on Only the highest quality claims reach such prices. Small claims of $500,000 to $800,000 and above are trading in the high 30 cents to low 40 cents range. This trend seems to be influenced by the recent clawback efforts of a bankrupt crypto exchange and the capital raising efforts of a previously invested company.
While interest in the FTX claims is growing, Brazile said some concerns still remain. However, the upward trend in claim valuations remains a positive sign for creditors. Brazil commented, “There is still a lot to be sorted out. KYC and AML issues are still coming up.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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