Not too long ago, Sam Bankman-Fried found himself called to testify. But this testimony was given after the jury was dismissed for the day by Judge Lewis Kaplan. This ruling suggests that the court will have to decide which portions of the testimony will ultimately be allowed.
Sources such as Inner City Press also provide light on the happenings. Bankman-Fried revealed his communication preferences, using Slack and Signal as examples. Notably, security issues with the company’s Hong Kong headquarters were resolved. Bankman-Fried insisted there was no core breach, despite the fact third parties were hacked.
Sam Bankman Upholds Confidence in Legal Guidance
The defendant’s lawyer, Mark Cohen, addressed the main point of contention. He probed Bankman-Fried’s worldview, especially with regard to the validity of sending FTX deposits through Alameda. Bankman-Fried responded bluntly, stating that he thought it was lawful.
Cohen also asked for clarification on the investment advice that Bankman-Fried had received from FTX’s legal department. “I told [FTX’s legal representatives] of an investment I wanted to make,” said Bankman-Fried. He went on to say that occasionally he, not Alameda, would be the investor. He claimed that the business perspective was what led to this choice. It’s interesting to note that Bankman-Fried said “yes” when asked if the way the lawyers structured the transactions gave him comfort.
Trial Modifies with Testimony of Bankman-Fried
The public heard Bankman-Fried’s side of the story for the first time at this court appearance. His only role up until now had been to take notes throughout the government prosecutors’ presentation of their case. Because of this, many people consider the decision to allow him to testify to be audacious, particularly in light of the prosecution’s story.
Some conjecture that the defense may be trying to reach a deadlock in order to secure a not-guilty conviction. With serious charges, including fraud, Bankman-Fried has a lot on the line. According to the claims, he and other officials at FTX misappropriated billions of consumer funds for their own investments. Considering the filing for bankruptcy of the cryptocurrency exchange last year, these claims carry a lot of weight.
Bankman-Testament Fried was expected to testify for at least a full day, and there would be a cross-examination afterward. But this chronology might.