{"id":181891,"date":"2023-10-27T05:51:18","date_gmt":"2023-10-27T00:21:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=181891"},"modified":"2023-10-27T05:51:18","modified_gmt":"2023-10-27T00:21:18","slug":"prosecutors-rest-their-case-as-sam-bankman-fried-prepares-to-testify-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/prosecutors-rest-their-case-as-sam-bankman-fried-prepares-to-testify-crypto-news\/","title":{"rendered":"Prosecutors rest their case as Sam Bankman-Fried prepares to testify – Crypto News"},"content":{"rendered":"
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Attorneys representing the United States Justice Department rested their case against Sam \u201cSBF\u201d Bankman-Fried after more than three weeks of expert witnesses and testimonies from former FTX and Alameda employees.\u00a0<\/p>\n

According to reports from the courtroom on Oct. 26, the U.S. government\u2019s last witness before resting was<\/a> FBI Agent Mark Troiano, who primarily testified on SBF\u2019s involvement in more than 300 groups with the messaging app Signal. Following Toiano\u2019s testimony, Bankman-Fried\u2019s lawyers motioned to dismiss, which was quickly denied by Judge Lewis Kaplan. <\/p>\n

SBF\u2019s attorneys, Mark Cohen and Christian Everdell, presented two witnesses before Bankman-Fried. Krystal Rolle, a Bahamas-based attorney previously representing the former FTX CEO, testified she accompanied SBF to a meeting with the Securities Commission of the Bahamas<\/a> in November 2022 and witnessed him transferring FTX assets to authorities.<\/p>\n

Joseph Pimbley from litigation consulting firm PF2 Securities, the defense\u2019s second witness, testified he had been paid more than $50,000 to extract data from Amazon Web Services on Alameda Research\u2019s line of credit with FTX and data on roughly 9 million to 11 million users of the crypto exchange. Attorneys with the Justice Department questioned\u00a0Pimbley on whether he had any knowledge of how FTX funds were used or the \u201callow negative\u201d button \u2014 the feature giving\u00a0Alameda the ability to trade more funds that the firm had available.<\/p>\n

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Subscribe to our \u20181 Minute Letter\u2019 NOW for daily deep-dives straight to your inbox! \u2696\ufe0f Be the first to know every twist and turn in the Sam Bankman-Fried case! Subscribe now: https:\/\/t.co\/jQOIYUv6IW<\/a> #SBF<\/a> pic.twitter.com\/gp7zJu5sgy<\/a><\/p>\n

\u2014 Cointelegraph (@Cointelegraph) October 5, 2023<\/a><\/p><\/blockquote>\n

Based on reporting from the courtroom, Judge Kaplan often pushed back on questions posed by Everdell or Cohen to witnesses, saying, \u201cThis is not helpful\u201d and \u201cCan we get to the point?\u201d At the time of publication, Bankman-Fried had not yet testified, but his lawyers said they expected him to be on the stand<\/a> for roughly four hours.<\/p>\n

Related: <\/em><\/strong>Sam Bankman-Fried has no way to \u2018outfox\u2019 prosecutors: Scaramucci<\/em><\/strong><\/a><\/p>\n

Defense attorneys told Kaplan in an Oct. 25 conference call that they planned to have Bankman-Fried testify as part of their case defending the former FTX CEO. Prosecutors previously called former Alameda CEO Caroline Ellison, former FTX chief technology officer Gary Wang and former FTX engineering director Nishad Singh to testify on SBF directing efforts to have Alameda use FTX funds.<\/p>\n

Bankman-Fried\u2019s trial is expected to end<\/a> within a few business days amid closing arguments and the judge considering any motions submitted by prosecutors or defense lawyers. However, the former FTX CEO is scheduled to face five more criminal counts in a second trial expected to begin in March 2024. He has pleaded not guilty to all charges in both cases.<\/p>\n

Magazine: <\/em><\/strong>Can you trust crypto exchanges after the collapse of FTX?<\/em><\/strong><\/a><\/p>\n

Update (Oct. 26 at 4:50 PM UTC): This article has been updated to include information on the U.S. government’s cross-examination of\u00a0Joseph Pimbley.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Attorneys representing the United States Justice Department rested their case against Sam \u201cSBF\u201d Bankman-Fried after more than three weeks of expert witnesses and testimonies from former FTX and Alameda employees.\u00a0 According to reports from the courtroom on Oct. 26, the U.S. government\u2019s last witness before resting was FBI Agent Mark Troiano, who primarily testified on […]<\/p>\n","protected":false},"author":2,"featured_media":181892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-181891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=181891"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181891\/revisions"}],"predecessor-version":[{"id":181894,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181891\/revisions\/181894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/181892"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=181891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=181891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=181891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}