Sam Bankman-Fried's monthlong criminal trial has mostly wrapped up, with the FTX founder's fate now in the hands of the jury.
"From beginning to end, Sam Bankman-Fried's team failed to come up with a real game changer," said Renato Mariotti, a former prosecutor in the U.S. Justice Department's Securities and Commodities Fraud Section and now a trial partner in Chicago with Bryan Cave Leighton Paisner."His fraud was brazen and difficult to explain away, and he lacked the discipline to keep his mouth shut even after it was apparent that he was under criminal investigation.
In a message to Ryan Pinder, the attorney general and minister of legal affairs for the Bahamas, Bankman-Fried claimed FTX had"segregated funds for all Bahamian customers" and would be"more than happy to open up withdrawals forThe email was sent Nov. 9, one day after FTX had halted withdrawals and two days before it filed for bankruptcy. FTX users had collectively pulled $5 billion off the platform in what amounted to a bank run.
In a message to FTX's then general counsel Can Sun, Bankman-Fried pushed to get a $250 million transfer to hedge fund Modulo Capital expedited in full within eight hours. Sun later testified about the transaction under a non-prosecution agreement with the government.Bankman-Fried's chummy ties with celebrities and his enthusiasm for spending hundreds of millions of dollars on endorsement deals were areas of focus for the government.
In his testimony, Drappi described Ellison's demeanor that night as"sunken." He said she was"kinda slouching" and"did not display confident body language." Bankman-Fried chimed in with different ideas about how to take advantage of the post in an apparent effort to provide false hope to FTX customers that they'd receive free tokens if they kept their funds on the platform.Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.
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