Inside opening statements at Sam Bankman-Fried’s criminal trial
The felony trial of Sam Bankman-Fried, previous cryptocurrency magnate, concluded its second working day on Wednesday. The prosecution and defense both of those gave opening statements and interviewed the to start with two witnesses, which includes a client of FTX and Bankman-Fried’s previous good friend and ex-Alameda and FTX employee Adam Yedidia.
The prosecution painted Bankman-Fried as anyone who knowingly fully commited fraud to reach fantastic wealth, electrical power and impact. The protection countered that Bankman-Fried acted in good religion, hardly ever meant to commit fraud or steal, and essentially obtained in around his head.
The prosecution: Bankman-Fried’s empire was ‘built on lies’
In his opening argument, just half past midday, prosecutor Thane Rhen commenced by painting a picture. “One calendar year ago, Bankman-Fired was on best of the earth.”
He arguably was.
Bankman-Fried was value billions of dollars, dwelling in a $35 million penthouse with friends and co-personnel he had two large businesses, a crypto exchange, FTX and crypto hedge fund, Alameda Research (both of which have since gone bankrupt).
“He had prosperity, he had electrical power, he had affect,” Rhen explained. “But all of it was designed on lies.”
Rhen alleged that Bankman-Fried “took money he didn’t have” to make an empire. Rhen repeated numerous instances, and loudly, that Bankman-Fried stole “billions of dollars” from FTX prospects so he could commit the funds on “lavish residences for himself, his moms and dads, and his pals,” acquire influence in Washington and meet celebs.
