Sam Bankman-Fried's Trial Nearing End, Prosecution Set To Rest Case

The trial of crypto mogul Sam Bankman-Fried is wrapping up, with the prosecution expected to conclude their case on Oct. 26. The case has seen nearly 20 testimonies regarding an alleged $8 billion discrepancy between FTX and Alameda Research.

As reported by Cointelegraph, the lineup of witnesses over the past three weeks included former FTX employees, customers, investors, government officials, and law enforcement agents. The central argument of the case is that Bankman-Fried intentionally deceived them all.

The defense, led by lawyers Mark Cohen and Christian Everdell, is yet to confirm whether they will waive the case. Their presentation to the jury has reportedly been less than robust, missing key arguments during cross-examinations.

See Also: Bitcoin Breaches $30,000 For First Time Since August: What’s Driving The Surge?

The previous week in the court saw significant developments. Former FTX's Engineering Director, Nishad Singh, testified that Bankman-Fried instructed him to make million-dollar venture investments via loans from Alameda, unknowingly using FTX customer's deposits. Singh faces up to 75 years in prison for related charges.

FTX's former General Counsel, Can Sun, also took the stand, presenting a spreadsheet used to track $2.1 billion in loans to Bankman-Fried and other executives. Sun claimed ignorance of the exchange's commingling of funds with Alameda and is cooperating with the government in the case.

If convicted of fraud and conspiracy to commit fraud, Bankman-Fried could face up to 115 years in prison.

Read Next: Crypto Analyst Sounds Alarm On Bitcoin’s Rally, Warns Traders Not To ‘Go Crazy’ As Crypto Soars By 10%

Image created using AI via MidJourney

Engineered by Benzinga Neuro, Edited by Pooja Rajkumari

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsTechMediaGeneralFTX and AlamedaSam Bankman-Fried
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!