Daniel Kuhn is a deputy managing editor for Consensus Magazine.\n\nHe owns minor amounts of BTC and ETH.
The first few days of Sam Bankman-Fried’s trial have not been going in his favor, general consensus seems to suggest. Prosecutors for the U.S. Department of Justice arethat the FTX founder was deeply involved in a long-term scheme to defraud customers and investors, throwing a wrench in the fallenThis is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond.
Bankman-Fried always faced an uphill battle in this much-watched trial. Published documents and allegations made by FTX’s current leadership, under the direction of Enron’s bankruptcy lead John Jay Ray III, as well as SBF’s ill-conceived “apology tour” following shortly after FTX closed shop have tainted public perception of the once beloved crypto savant.
But it’s early days yet, in a trial that could last six weeks. It’s still unknown whether Bankman-Fried, sporting, will testify. Mariotti, along with a seeming majority of lawyers, said that would be a gamble at best and like disastrous. Gary Wang, FTX co-founder and longtime friend to SBF, already, referencing the “special privileges” offered to trading shop Alameda on FTX.
Here is a roundup of CoinDesk coverage — pulling out the major highlights and details — of the trial so far, and events happening outside the courtroom like revelations from Michael Lewis’to SBF's hedge fund Alameda Research to allow it to withdraw unlimited funds. Wang also testified FTX and Alameda execs, including Caroline Ellison and Nishad Singh, knowingly committed wire fraud, securities fraud and commodities fraud., according to testimony from Adam Yedidia.
SBF’s lawyers, largely deemed ineffective in the early days of the trial, have focused on SBF’s “good faith” actions as they work to establish the argument that a mistake in business – even a colossal one like misplacing $8 billion – is not necessarily a crime.in its first funding round, backed primarily by “effective altruists,” according to Michael Lewis’s biography of Sam Bankman-Fried “Going Infinite.
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