Celsius

The founder of the <a href="https://www.newsbtc.com/news/major-reveals-from-the-ftx-bankruptcy-filing-whats-the-takeaway/" rel="nofollow noopener" target="_blank">defunct crypto exchange FTX</a>, Sam Bankman-Fried (SBF), <a href="https://bitcoinist.com/ftx-founder-sam-bankman-fried-in-the-spotlight/">made an appearance in court</a> on February 21. The court hearing took place in order to address a potential conflict of interest that could arise following SBF’s decision to change <a href="https://bitcoinist.com/ftx-sam-bankman-fried-defense/">his lawyers</a> ahead of his March 28 sentencing.&nbsp; 
<h2 id="sam-bankman-fried-chooses-to-stick-with-new-lawyers">Sam Bankman-Fried Chooses To Stick With New Lawyers</h2> 
According to a <a href="https://www.dailymail.co.uk/news/article-13110989/Sam-Bankman-Fried-court-lawyers-sentencing.html" rel="nofollow noopener" target="_blank">report</a> by Dailymail, Sam Bankman-Fried told Judge Lewis Kaplan that he would stick with his new lawyers despite the conflict of interest on the part of his new lawyers. Marc Mukasey and Torrey Young had both entered an appearance on January 9 to represent SBF, signalling the substitution of the FTX founder’s defense team led by <a href="https://bitcoinist.com/sam-bankman-fried-lawyer-opposes-prosecutors/">Mark Cohen</a>. 
Bankman-Fried’s decision to appoint Mukasey and Young as his lawyers led the <a href="https://www.newsbtc.com/ftx/sam-bankman-fried-100m-political-favors/" rel="nofollow noopener" target="_blank">Prosecution</a> to <a href="https://www.courtlistener.com/docket/66631291/397/united-states-v-bankman-fried/" rel="nofollow noopener" target="_blank">request</a> a Curcio hearing so that the defendant may “knowingly waive any conflict that could arise.” In line with this, Judge Kaplan, during the hearing, asked the <a href="https://bitcoinist.com/sam-bankman-fried-charges/">FTX founder</a> if he was comfortable with his new counsels representing him despite the conflict of interest.&nbsp; 
In response, SBF confirmed that he was aware of the possible conflict of interest and stated that he was comfortable with the lawyers representing him. Judge Kaplan went as far as asking the defendant to describe the conflict in his own words just to ensure that he understood the issue at hand well, which <a href="https://bitcoinist.com/sam-bankman-fried-escapes-second-criminal-trial/">Bankman-Fried</a> is reported to have described succinctly.&nbsp; 
The steps taken by the Judge were necessary as every defendant has the right to a conflict-free legal representation. Moreover, this could potentially become an issue if <a href="https://bitcoinist.com/sam-bankman-fried-donald-trump/">SBF’s case goes on appeal</a>, as he could argue that he wasn’t well represented (during his sentencing) due to the conflict of interest. 
Interestingly, SBF all but confirmed that he was going to <a href="https://bitcoinist.com/ftx-sam-bankman-fried-convicted/">appeal his conviction</a>. During the hearing, he mentioned that he had consulted with Alexandra Shapiro, the lawyer who will handle his appeal.&nbsp; 
<h2 id="what-the-possible-conflict-of-interest-is-about">What The Possible Conflict Of Interest Is About</h2> 
Mukasey and Young also happen to be the defense attorneys of <a href="https://bitcoinist.com/celsius-mashinsky-pleads-not-guilty-granted-bail/">Alex Mashinsky</a>, the former CEO of bankrupt crypto lender Celsius. As noted by the Prosecution, there is a possible conflict of interest due to the <a href="https://bitcoinist.com/link-ftx-celsius-founders-lawyers/">intricate relationship</a> between Bankman-Fried’s Alameda Research and Mashinsky’s Celsius. 
Celsius happened to have lent money to Alameda Research, while the trading firm used <a href="https://bitcoinist.com/ftx-sam-bankman-fried-10-billion/">FTX’s customer funds</a> to repay some of these loans. Mashinsky also seems to have blamed Alameda Research (and SBF, by extension) for contributing to <a href="https://bitcoinist.com/crypto-lender-celsius-network-files-for-bankruptcy/">Celsius’ collapse</a>. As such, there is the possibility that the lawyers may be compromised while representing either party.&nbsp; 
However, the Prosecution noted that this possible conflict of interest is not so “severe” and can be waived. Mashinsky, who is <a href="https://bitcoinist.com/celsius-mashinsky-pleads-not-guilty-granted-bail/">currently out on bail</a>, is also expected to have his Curcio hearing, where he must also “knowingly and intelligently” waive his right to a conflict-free representation.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/TeOTwmxC/" alt="FTT Token price chart from Tradingview.com (FTX Sam Bankman-Fried)" width="3286" height="1530">

FTX’s Sam Bankman-Fried Is Back In Court: Here’s Everything You Should Know

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