{"id":348608,"date":"2023-10-05T15:00:15","date_gmt":"2023-10-05T09:30:15","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348608"},"modified":"2023-10-05T12:42:36","modified_gmt":"2023-10-05T07:12:36","slug":"doj-takes-a-tough-stance-against-sbf-as-trial-begins","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/doj-takes-a-tough-stance-against-sbf-as-trial-begins\/","title":{"rendered":"DoJ takes a tough stance against SBF as trial begins"},"content":{"rendered":"<ul>\n<li><em>The defense argued that SBF acted &#8220;in good faith&#8221; and made business decisions at FTX that \u201cdidn\u2019t work out.\u201d<\/em><\/li>\n<li><em>The defense also denied any fraud or theft on part of SBF.<\/em><\/li>\n<\/ul>\n<p>The second day of the trial against FTX [FTT] founder Sam Bankman-Fried \u201cSBF\u201d saw both the prosecution and the defense presenting their arguments in the court.<\/p>\n<p>Inner City Press reported on 4 October that once the process of jury selection was over, both the warring sides put forward their opening remarks to the 12-person jury.<\/p>\n<p>The U.S. Department of Justice (DoJ) <a href=\"https:\/\/www.innercitypress.com\/sbf1usopeningicp100423.html\" target=\"_blank\" rel=\"noopener\">told<\/a> the court that SBF lied to customers, investors, and lenders on purpose in order to enrich himself, and build his crypto empire at FTX. He employed Alameda Research as a collaborating partner to \u201csteal customers&#8217; funds\u201d \u2014 a phrase iterated by the prosecution during the opening remarks.<\/p>\n<p>In response, SBF\u2019s team <a href=\"https:\/\/www.innercitypress.com\/sbf1defenseopeningicp100423.html\" target=\"_blank\" rel=\"noopener\">defended<\/a> him as a young entrepreneur who made business decisions that \u201cdidn\u2019t work out.\u201d The team also denied the existence of any hidden transactions between FTX and Alameda.<\/p>\n<p>SBF executed all the transactions \u201cin good faith\u201d during the crypto winter in early 2022 and later in November that year when FTX <a href=\"http:\/\/ambcrypto.com\/ftt-collapse-post-mortem-how-ftx-was-led-by-kids-with-no-experience\/\" target=\"_blank\" rel=\"noopener\">collapsed<\/a>. In fact, SBF believed FTX could lend funds to Alameda as part of a business arrangement with the market maker, and there was no secret door for transactions between the companies.<\/p>\n<p>The defense team argued,<\/p>\n<blockquote><p>Sam didn&#8217;t defraud anyone. There was no theft&#8230; It&#8217;s not a crime to be the CEO of a company that files for bankruptcy.<\/p><\/blockquote>\n<h4>Colleagues&#8217; testimonies &#8220;damaging&#8221; for SBF?<\/h4>\n<p>The defense team also questioned the credibility of the witnesses testifying against SBF as they have a cooperation agreement with the prosecution.<\/p>\n<p>The witnesses in question are former Alameda Research CEO Caroline Ellison, FTX cofounder Gary Wang, and former FTX Director of Engineering Nishad Singh.<\/p>\n<p>Later, two witnesses \u2014 a French trader who was a former FTX client, and a former employee at Alameda Research and FTX who was SBF\u2019s friend\u2014 also gave their testimonies.<\/p>\n<p>The prosecution used both these testimonies to cement its argument that FTX was positioning itself as a safe crypto trading platform to its users and clients.<\/p>\n<p>FTX was <a href=\"http:\/\/ambcrypto.com\/ftx-is-looking-to-raise-another-1b-and-the-reason-is-surprising\/\" target=\"_blank\" rel=\"noopener\">valued<\/a> at $32 billion in 2022 before it filed for bankruptcy in November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. DoJ\u00a0told the court that SBF lied to everyone on purpose in order to enrich himself, and build his crypto empire at FTX.<\/p>\n","protected":false},"author":70,"featured_media":348616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-348608","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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