Coin

<ul class="list-ic vertical">
 <li>1 <a>The highly anticipated hearing of the case against Sam Bankman-Fried commenced on Wednesday.</a></li>
 <li>2 <a>Despite being the first hearing, it saw fierce allegations, defense of a similar scale, and some crucial witnesses.&nbsp;</a></li>
</ul>
Sam Bankman-Fried faced trial in the Manhattan Federal Court after the jury was set up. As the hearing commenced, attorneys from both sides presented their arguments against as well as in favor of SBF.
In Manhattan federal court, lawyers presented opposing narratives for the collapse of Sam Bankman-Fried’s crypto empire. Assistant US Attorney Thane Rehn portrayed Bankman-Fried as a greedy businessman who stole billions from customers, using FTX as his personal piggy bank for luxury properties and political donations. Bankman-Fried faces multiple fraud and conspiracy charges.
Bankman-Fried’s attorney, Mark Cohen, offered a contrasting view, portraying his client as a hardworking entrepreneur who acted in good faith. He argued that FTX’s downfall was due to industry challenges and rapid growth, not fraud. Cohen also criticized the prosecution’s star witness, Caroline Ellison, who failed to place hedges on Alameda’s risky positions, according to him.
Bankman-Fried pleaded not guilty to seven counts of fraud and conspiracy, while some former colleagues plan to testify against him. Witnesses may include his parents, Gabriel Bankman-Fried, FTX co-founders, and even Anthony Scaramucci, former Trump White House communications director.
<h2 class="wp-block-heading" id="strong-witnesses-during-the-first-hearing-strong">Witnesses During the First Hearing</h2>
The prosecution’s first witness, Marc-Antoine Julliard, an investor, testified about putting £110,000 into his FTX account, trusting the company due to its venture capital backing. However, as concerns grew, he attempted to withdraw his funds, which were never processed, leaving him with losses.
Another witness, Adam Yedidia, a college friend of Bankman-Fried, previously worked for Alameda and FTX but testified for only about 15 minutes before adjournment.
The trial centers on the contrasting narratives of Sam Bankman-Fried’s alleged fraud and greed versus his attorney’s claims of innocence and industry challenges. Witnesses, including former colleagues and investors, will play a crucial role in determining the outcome of this case.
Indeed, the trial of Sam Bankman-Fried revolves around the stark contrast between the prosecution’s allegations of fraud and greed and the defense’s assertions of innocence and industry challenges.&nbsp;
The testimonies and evidence presented by witnesses, including former colleagues and investors, will be instrumental in shaping the outcome of this case. This legal proceeding underscores the complex and contentious nature of cryptocurrency-related trials and their significance in establishing accountability within the industry.
The Coin Republic already <a href="https://www.thecoinrepublic.com/2023/09/13/sam-bankman-fried-seeks-temporary-release-due-to-poor-wifi-in-jail/" rel="noopener noreferrer nofollow">discussed</a> the seriousness of the charges against him and the potential imprisonment time. Out of seven total charges, prosecutors will need to prove SBF committed two of them. For the other five charges, it will be needed to prove in court that the “golden boy” intended to commit them.&nbsp;
Though SBF pleaded not guilty to any charges brought against him, if he were proven guilty of all of them, he would have a long time in prison. For instance, some law experts suggest that imprisonment could be even 115 years.&nbsp;

Court Hearing Against Sam Bankman-Fried Starts With Allegations

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Thecoinrepublic.com

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