Cocoa Bean Trader, First Witness In Sam Bankman-Fried Trial, Recounts $100K Loss To FTX

As the criminal trial against Sam Bankman-Fried, founder of cryptocurrency platform FTX, over allegations of misusing billions in client funds began, the first witness for the prosecution was Marc-Antoine Julliard, a London-based cocoa bean trader who invested $100,000 in FTX and lost it.

CNBC looked closer into Julliard who shared his disappointing experience with FTX, especially the anxiety he felt when attempts to withdraw his crypto and cash failed. He, like many other FTX customers, essentially lost everything when the exchange collapsed.

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Julliard’s testimony is part of the prosecution’s strategy to demonstrate that FTX clients were falsely assured their funds were safe. Bankman-Fried, once hailed as the “white knight” of crypto, faces seven federal charges, which could result in a life sentence.

Bankman-Fried’s lawyer, Mark Cohen, insists his client didn’t defraud anyone, arguing that the losses incurred by clients were due to their own decisions. Cohen portrayed Bankman-Fried as a “math nerd” who was building his startup while running it.

The trial, set to last six weeks, is being held in Manhattan. Other witnesses set to testify include Adam Yedidia, a friend of Bankman-Fried from MIT, and FTX co-founder Gary Wang.

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