Former FTX CEO's Trial Begins: Key Witnesses Called, Multiple Charges Presented
Summary:
The prosecution in the case against former FTX CEO Sam Bankman-Fried (SBF) has started introducing witnesses, including London-based cocoa broker Marc-Antoine Julliard who used FTX for cryptocurrency trading. He was unable to withdraw 4 Bitcoins (valued around $80,000) from FTX in 2022. Notable anticipated witnesses comprise former executives of FTX and Alameda Research, and SkyBridge Capital's co-founder. The jury selection concluded on October 4 with opening arguments. SBF is facing seven misuse of funds charges in the first trial where he has pleaded not guilty, and five additional charges are expected in a second trial in March 2024.
In the ongoing lawsuit against Sam Bankman-Fried, ex-CEO of FTX, known as SBF, the prosecution team has begun to introduce their witnesses. Inner City Press, in a thread from October 4th on X (formerly known as Twitter), revealed that the Assistant U.S. Attorneys obtained a testimonial from Marc-Antoine Julliard, a cocoa trader based in London who utilized FTX for cryptocurrency transactions. Julliard credited a friend’s recommendation, marketing initiatives by supermodel Gisele Bündchen, and the FTX mobile application for his foray into cryptocurrency trading, including Dogecoin (DOGE). The broker recalled his inability to reclaim approximately $80,000 worth in 4 Bitcoin (BTC) that he deposited in FTX in November of 2022, contradicting Bankman-Fried’s claims in a tweet that "assets were fine". Lawyers representing SBF inquired about Julliard’s connection with FTX prior to his court appearance and the motivations behind his crypto investments.
Other potential witnesses in the case include ex-CEO of Alameda Research, Caroline Ellison, FTX cofounder Gary Wang, former FTX engineering lead Nishad Singh, Constance Wang, FTX's previous chief operating officer, and co-founder of SkyBridge Capital, Anthony Scaramucci. Bankman-Fried's intention to testify remains uncertain.
As the trial gets underway, a thread masterfully encapsulates @SBF_FTX's descent. From moments of introspection in front of a mirror to feasting on peanut butter, here's an insight into the reality of SBF's ordeal. pic.twitter.com/v73IA6d5l2— Cointelegraph (@Cointelegraph) October 3, 2023
The related subject: US Department of Justice asserts charges against FTX-SBF are valid notwithstanding the absence of defined crypto legislation in the USA.
Jury selection concluded on October 4th under the supervision of Judge Lewis Kaplan, commencing with opening remarks from both the defense and the prosecution in SBF’s court trial. Assistant U.S. Attorney alleged SBF's dishonesty towards FTX users, legislators, and the general public by misrepresenting the company's financial health, while his defenders deflected some of the responsibility onto Caroline Ellison.
Bankman-Fried, accused of seven criminal offences tied to FTX client funds misappropriation in his initial trial, has pleaded not guilty. In March of 2024, he is due to answer to an additional five charges in a separate trial.
In a recent magazine publication: Does the demise of FTX cast doubts over the reliability of cryptocurrency exchanges?
Published At
10/4/2023 7:59:46 PM
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