{"id":24208,"date":"2023-10-27T02:56:26","date_gmt":"2023-10-27T02:56:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/day-13-highlights-in-sam-bankman-frieds-trial\/"},"modified":"2023-10-27T02:56:26","modified_gmt":"2023-10-27T02:56:26","slug":"day-13-highlights-in-sam-bankman-frieds-trial","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/day-13-highlights-in-sam-bankman-frieds-trial\/","title":{"rendered":"Day 13 Highlights in Sam Bankman-Fried\u2019s Trial"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The trial involving the founder of FTX, Sam Bankman-Fried, has entered its fourth week. FTX is in the spotlight as its founder faces criminal fraud charges. Bankman-Fried was one of four witnesses, and his statement is considered crucial for the defense. On Oct. 26, he took the stand, but the jury was sent away by Judge Kaplan until Oct. 27 to review specifics from the defendant\u2019s statements.<\/p>\n

Many anticipate this trial, seen by some as America\u2019s most significant crypto fraud case, to conclude by early November 2023. The defense is arguing against allegations that FTX\u2019s ex-CEO violated federal financial regulations. Their stance became even clearer when they requested the dismissal of the case. They believed there was insufficient evidence linking Bankman-Fried to fraud and money laundering, with the founder facing seven specific charges.<\/p>\n

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However, Judge Kaplan didn\u2019t grant the dismissal. The decision followed federal prosecutors bringing forward testimonies from BlockFi CEO Zac Prince and other witnesses that highlighted dubious transactions.<\/p>\n

A noteworthy revelation came from FBI agent Mark Troyano. He stated that while Bankman-Fried led the crypto trading company Alameda Research and FTX, he was a part of over 300 chats on the platform Signal. Of these, 280 had the auto-delete feature enabled. Former Alameda CEO, Caroline Ellison, added that Bankman-Fried preferred the auto-delete feature to keep sensitive discussions hidden from regulatory scrutiny.<\/p>\n

When asked about this, Bankman-Fried clarified to the court that the auto-delete wasn\u2019t activated for essential decision-making groups. He further stated that the use of Signal was a protective measure since FTX had previously faced security breaches from third parties.<\/p>\n

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Elaborating on Alameda Research\u2019s business conduct, Bankman-Fried mentioned that it did fund venture projects. Yet, the legal documentation for these transactions and the terms of service for FTX were overseen by FTX\u2019s general counsel, Daniel Friedberg, and Can Sun. While he didn\u2019t go through the entire paperwork himself, Bankman-Fried expressed his trust in the internal legal team and consultants from Fenwick & West. He also noted that the crypto exchange\u2019s lawyers were aware of the Signal app\u2019s auto-delete function.<\/p>\n

As the trial progressed, Bankman-Fried\u2019s defense seemed to pivot towards his legal advisors. He claimed a lack of knowledge on specific issues, like Alameda\u2019s exceptions from FTX\u2019s liquidation processes. He further detailed that in-house lawyers were responsible for crafting agreements for payments to Alameda\u2019s North Dimension bank account on behalf of FTX clientele.<\/p>\n

His complete testimony before Judge Kaplan and the jury will resume on Oct. 27, likely marking the end of witness testimonies in this trial on fraud and money laundering charges.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The trial involving the founder of FTX, Sam Bankman-Fried, has entered its fourth week. FTX is in the spotlight as its founder faces criminal fraud charges. Bankman-Fried was one of four witnesses, and his statement is considered crucial for the defense. On Oct. 26, he took […]<\/p>\n","protected":false},"author":5,"featured_media":24209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24208"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24208"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24209"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}