• The criminal trial involving FTX founder Sam “SBF” Bankman-Fried is moving into closing arguments on Nov. 1.
• Lead defense attorney Mark Cohen’s request for acquittal was denied, and the case will now proceed to closing arguments.
• SBF has pleaded not guilty to all seven fraud-related charges in his criminal case.
• In a second trial scheduled for March 2024, SBF is expected to face five more counts, including an alleged $150 million bribe of a Chinese government official.
• Prosecutors have presented evidence suggesting SBF siphoned $8 billion worth of FTX customers’ deposits to fund risky trades at his hedge fund, Alameda Research.
• SBF argues that taking customers’ deposits was a “risk management” procedure necessary for Alameda’s portfolio and in line with company policies.
• Key FTX personnel, including Alameda CEO Caroline Ellison, FTX CTO Gary Wang, and former FTX head of engineering Nishad Singh, have pled guilty to charges relating to the exchange’s collapse and are cooperating with the U.S. government.
• If convicted, Bankman-Fried faces a maximum penalty of 115 years in prison.

SBF criminal trial moves to closing arguments

The ongoing criminal trial involving FTX founder Sam “SBF” Bankman-Fried will move into closing arguments on Nov. 1.

On day 15 of the SBF trial, lead defense attorney Mark Cohen’s request for acquittal was denied by presiding Judge Lewis Kaplan. Instead, the case will move to closing arguments from both sides on Nov. 1, with all evidence discovery concluded. Attorneys from both sides declined to call any further witnesses.

SBF has pleaded not guilty to all seven fraud-related charges in his criminal case. However, he is expected to face five more counts in a second trial scheduled to start in March 2024. These additional charges include the alleged $150 million bribe of a Chinese government official.

During the trial, prosecutor Danielle Sassoon presented documents, tweets, and corporate messages that indicate SBF siphoned $8 billion worth of FTX customers’ deposits to fund risky trades at his hedge fund, Alameda Research. SBF argued that taking customers’ deposits was merely a “risk management” procedure necessary for Alameda’s portfolio and that it was in line with company policies.

Several key FTX personnel, including Alameda CEO Caroline Ellison, FTX Chief Technology Officer Gary Wang, and former FTX Head of Engineering Nishad Singh, have pled guilty to charges relating to the collapse of the exchange. They are currently cooperating with the U.S. government and providing testimonies against SBF in the trial.

If convicted, Bankman-Fried faces a maximum penalty of 115 years in prison.

Note: For the latest updates on the Sam Bankman-Fried trial, you can refer to the CoinPostman article.