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Bankman-Fried to Face Familiar Faces in DOJ’s FTX Trial
(Originally posted on : Crypto News – iGaming.org )
Ahead of the impending trial involving former crypto mogul, Sam Bankman-Fried, the Department of Justice (DOJ) has dropped a hint on their key witnesses. It appears they plan to bring in ex-FTX clients, stakeholders, and employees to stand against him.
Assistant U.S. Attorney Thane Rehn outlined in a recent letter the importance of these witnesses. According to him, they’ll highlight their past experiences with FTX and shed light on their perception of Sam Bankman-Fried’s statements and actions. Thane mentioned that the proposed testimonies would help understand the defendant’s dealings, especially concerning FTX’s treatment of clients’ assets.
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It’s clear that the DOJ aims to drive home the point of trust and breach of it. They’re set to call on ordinary customers who moved assets worth several thousands of dollars, and big-time clients who shifted assets amounting to tens of millions, all under the assumption that FTX would be responsible for these funds.
The DOJ’s letter kept the details of the potential witnesses under wraps, only revealing that their time on the stand would be brief, mostly under half an hour, without extensive exhibits. However, names of three cooperative witnesses surfaced: Gary Wang, FTX’s previous CTO; Nishad Singh, the former Head of Engineering at FTX; and Caroline Ellison, once the CEO of Alameda Research. All of them confessed to charges related to the exchange. Interestingly, another former exec, Ryan Salame, admitted guilt but hasn’t yet committed to testifying.