NFT News Daily TheBittimes.com

Former FTX CEO Sam “SBF” Bankman-Fried has found himself at the center of a high-stakes legal battle since October 3rd, as he faces a federal trial in New York. The allegations against him are weighty, with seven counts of fraud and conspiracy to defraud FTX investors and customers hanging over his head. The Department of Justice (DOJ) is pursuing these charges with unyielding determination, employing an aggressive legal strategy to prove his guilt. On the flip side, Bankman-Fried’s defense has, up to this point, offered little resistance. The legal team representing Bankman-Fried boasts two seasoned attorneys well-versed in handling high-profile cases. Mark Cohen and Christian Everdell, former federal prosecutors, previously defended Ghislaine Maxwell, who was convicted of sex trafficking in 2021 for her association with Jeffrey Epstein. However, despite their experience, their recent performance has left much to be desired. Through their defense strategy, the jury has been p...

At a glance Under a plea deal, FTX co-founder Gary Wang told the jury he was a participant in financial crimes at the direction of Bankman-Fried, and detailed some of those crimes. Witness testimony established for the jury that Bankman-Fried knew of FTX’s financial woes while lying about them to the public and investors.  Judge Lewis Kaplan excoriated Mark Cohen’s team for time-wasting and repetitive questioning, which seemed to accomplish little. The defense’s main goal seems to be to discredit the prosecution’s witnesses, but it’s doing that poorly. During the defense’s cross-examination, Barbara Fried appeared distressed, grinding her balled fists into her eyes. The rough state of the defense may be obvious to even Bankman-Fried’s closest allies. Gary Wang, co-founder of FTX and Alameda Research, took the stand against his former b US iness partner Sam Bankman-Fried on Thursday, October 5 — the first full day of witness testimony in the criminal trial of the fa...