Biden

Enhance

April

U.S. prosecutors have urged the court overseeing Sam Bankman-Fried’s trial to prevent his defense from raising arguments about the possible recovery of FTX customer funds invested in Anthropic.
Bankman-Fried directed $500 million into the AI startup, Anthropic, in April 2022. The U.S. government, however, intends to demonstrate that these funds were siphoned from FTX customer deposits.
Anthropic has recently been in the spotlight, aiming to secure new investment, with major companies like Amazon and Google showing interest.
This could boost the firm’s valuation to between $20-$30 billion.
Prosecutors stress that this surge in valuation could also amplify the worth of Bankman-Fried’s stake, which might facilitate the recovery of assets for those impacted by FTX’s bankruptcy.
A letter presented to Judge Lewis Kaplan reveals that the U.S. government and Bankman-Fried’s attorneys have debated issues likely to emerge during witness cross-examination.
The defense is prepping to introduce evidence about the present value of Bankman-Fried’s 2022 investment in Anthropic.
READ MORE: <a href="https://www.cryptointelligence.co.uk/crypto-exchange-htx-recovers-stolen-funds-rising-cyberattacks-concern-industry-in-2023/" rel="noopener noreferrer nofollow">Crypto Exchange HTX Recovers Stolen Funds; Rising Cyberattacks Concern Industry in 2023</a>
Prosecutors argue that such evidence could be utilized to claim that FTX customers and other affected parties might be fully compensated.
This notion has been previously termed by the court as an “impermissible purpose”.
They further state, “Such evidence would… be wholly irrelevant, and present a substantial danger of unfair prejudice.”
The crux of the case against Bankman-Fried lies in accusations of wire fraud, involving the use of FTX customer deposits for various investments.
The prosecution holds that any successful investments Bankman-Fried made are ultimately inconsequential to the charges being examined.
While the government aims to present evidence of Bankman-Fried’s alleged misuse of customer funds leading to significant deficits for FTX, they do not plan to provide details on the final losses post the FTX bankruptcy completion.
The Bankman-Fried trial, reported by Cointelegraph’s Ana Paula Pereira from New York, commenced by exploring the disappearance of around $8 billion of FTX customer assets from the defunct crypto exchange.
Other Stories: 
<a href="https://www.cryptointelligence.co.uk/esma-releases-second-consultative-paper-on-mica-mandates-focuses-on-sustainability-and-transparency/" rel="noopener noreferrer nofollow">ESMA Releases Second Consultative Paper on MiCA Mandates, Focuses on Sustainability and Transparency</a>
<a href="https://www.cryptointelligence.co.uk/ftx-co-founder-testifies-former-ceos-alleged-misuse-of-user-funds/" rel="noopener noreferrer nofollow">FTX Co-Founder Testifies: Former CEO’s Alleged Misuse of User Funds</a>
<a href="https://www.cryptointelligence.co.uk/senior-republicans-push-biden-administration-to-enhance-semiconductor-export-rules-to-china/" rel="noopener noreferrer nofollow">Senior Republicans Push Biden Administration to Enhance Semiconductor Export Rules to China</a>

Prosecutors Challenge Defense Over FTX Funds in Bankman-Fried’s High-Profile Trial

Crypto Intelligence

Other articles published on Oct 10, 2023

Cipher Fan: A Detailed Analysis and Airdrop Guide for the Latest SocialFi Platform on Arbitrum

China Says Overseas Visitors Are Using e-CNY, Paying More Salaries with CBDC

Furex App launches to transform digital finance landscape

Shiba Inu (SHIB) Hits Major Milestone

SOL Price Analysis: Solana Price Records The Highest Inflow Since March 2022! What’s Next For SOL...

Bitcoin’s Short-Term Capitalization Faces Resistance, Analyst Says

Join our free newsletter for daily crypto updates!