Sam Bankman-Fried is the former CEO of FTX exchange. Following the demise of the cryptocurrency trading platform, the former founder was sued by the financial regulators. Following considerable controversies and surprising twists and turns the lawsuit seems to be near its conclusion.
According to a report published by Cointelegraph, the prosecution in the SBF lawsuit is opting to rest their case. Thus far, the prosecution arranged and presented more than 20 testimonies during the proceedings.
SBF Tried to Deceive Stakeholders
During the last three weeks, prosecution lawyers arranged a cohort of witnesses including former employees of FTX. Other witnesses in the case included FTX customers, creditors, and government officials. The prosecution is trying to prove that SBF deliberately deceives investors, consumers, and other stakeholders in the case.
An audit of the bankrupted exchange has revealed $8 billion in unaccounted funds between FTX and Alameda Research in 2022. Meanwhile, SBF lawyers have not confirmed if they will opt to waive the case.
Testimonies Against SBF Strengthen the Case
Mark Cohen and Christian Everdell, lawyers heading the legal team defending SBF have been unable to keep up with the testimonies against the executive. Some of the former colleagues and closest friends of SBF such as Caroline Ellison, Adam Yedidia, Gary Wang, and Nishad Singh testified against him and opting to cooperate with the prosecution.
The group of witnesses claimed that SBF directed them to commit crimes. A legal expert witnessing the case told media outlets that when the government brings the case against an individual or institution the probability of indictment is set at 95%.
Nevertheless, the burden of proof falls on the prosecution. Last week, former software engineer Singh testified in the court. He revealed to the jury that SBF told him to create a millionaire investment venture using loans from Alameda Research.
Singh retained that he was not aware that the investment funds contained holdings from FTX consumers. He is facing 75 years behind bars for defrauding the investors of the cryptocurrency exchange.
Judge Kaplan Issues Warning to SBF’s Lawyers
The presiding judge on the case Lewis Kaplan issued a warning against the witness strategy of defense and prosecution in the case. He was annoyed when a witness from Texas fled the stand after 15 minutes.
Judge Kaplan claimed that an earlier witness in the case knew nothing about the case followed by the witness from Texas who did not offer any useful insights. Meanwhile, SBF’s chief counsel Can Sun compiled a sheet of $2.1 billion in loans granted to SBF and other executives.
However, Sun was unaware of the commingling of funds with Alameda according to his testimony in front of jurors. It seems he is now cooperating with the prosecution for the case. If the judge rules against SBF, he can face up to 115 years behind bars for committing fraud.
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