SBF’s Trial: Day Two
The trial of Sam Bankman-Fried (SBF), former FTX CEO, has commenced, revealing the DOJ’s and defense’s strategies. The DOJ accuses SBF of lying to investors and using Alameda Research to “steal customers’ funds.”
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The defense counters that SBF is a young entrepreneur who made business decisions that “didn't work out” and denies any secret transactions between Alameda and FTX. The defense also highlighted Binance's role in FTX's collapse.
Witnesses include former FTX clients and employees, who will offer insights into SBF's role in FTX's operations. Caroline Ellison, former CEO of Alameda Research and once romantically involved with SBF, is expected to be a key witness. She pleaded guilty to criminal charges last year and has cooperated with authorities.
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