Time

<ul class="list-ic vertical">
 <li>1 <a>Founder of FTX, Sam Bankman-Fried, testifies in the trial against him to find out if he was behind the downfall of his own company.&nbsp;</a></li>
 <li>2 <a>The testimonies that took place earlier during the trial proceedings were majorly against the former FTX CEO.&nbsp;</a></li>
</ul>
In the ongoing trial of Sam Bankman-Fried, he stood to speak on the witness stand for the first time since the trial started. The key highlight of this particular hearing was that it was carried out in the absence of the jury. During the session, Bankman-Fried put forward his take by himself and reportedly admitted he thought using FTX deposits was legal.&nbsp;
Inner City Press reported on October 26, 2023, that Sam Bankman-Fried, the defendant in a high-profile legal case, has provided critical insights during his testimony in court. He shed light on communication practices and key aspects of his defense.&nbsp;
In a recent court appearance, Bankman-Fried shared details about his use of communication platforms, including Slack and Signal, revealing concerns regarding security breaches at the company’s Hong Kong headquarters. While acknowledging previous third-party hacks, he maintained that there was never a core breach within the company.
The defendant’s attorney, Mark Cohen, raised important questions during the testimony, particularly focusing on the legality of taking deposits through Alameda, a key point at the heart of Bankman-Fried’s defense.
Cohen pointed to SBF asking if he believed that it was legal to take FTX deposits through Alameda seeking his perspective on the matter. Former FTX CEO responded that he did think it was legal.&nbsp;
Further probing revolved around legal advice received from FTX’s lawyers regarding investments. Bankman-Fried explained that he had informed FTX’s legal representatives of an investment he intended to make, and sometimes he, rather than Alameda, would be the investor.&nbsp;
He emphasized that his considerations were business-oriented and indicated that he took comfort in the way the lawyers had structured these investments.
This court appearance marked the first time Bankman-Fried was able to present his version of events, as he had primarily observed government prosecutors presenting their side of the story up to that point. The decision to put Bankman-Fried on the stand is considered a risk, but it is also seen as a strategic move after weeks of prosecutors advancing their narrative.&nbsp;
Notably, the defense appears to be preparing for a concise case, leading to speculation about their strategy. Some legal experts suggest that they may aim for a hung jury, potentially seeking a stalemate, rather than banking on a not-guilty verdict.&nbsp;
As the trial continues, the courtroom remains captivated by the unfolding legal proceedings, and the outcome of the case will likely have significant implications for the cryptocurrency and financial industry.
The ongoing trials have seen crucial testimonies of many people associated with the lawsuit. The highlight of these hearings were mostly against Bankman-Fried be it from Caroline Ellison or <a href="https://www.thecoinrepublic.com/2023/10/21/former-general-counsels-testimony-discomfit-sbfs-defense/" rel="noopener noreferrer nofollow">former general counsel</a> Can Sun.&nbsp;

Sam Bankman-Fried in Witness Stand For First Time in His Trial

Thecoinrepublic.com

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