SBF lawyer burst into tears during closing statement at FTX trial

Sharon

2023-11-02 09:56

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Table of Contents:

· Prosecution Closing Statement: This is fraud, plain and simple

· Defense lawyer once "tears"

· SBF may face 115 years in prison, the final result will be announced in a few days

· FTX and Alameda related addresses have recently transferred a total of 170 million US dollars

At about 21:00 on the evening of November 1, Beijing time, in the protracted criminal fraud case of FTX founder SBF, the prosecution and the defense finally made closing statements. Closing statements are a key part of the trial process and have a significant impact on the court's decision, so lawyers usually prepare carefully and try to convince the jury or judge to support their position. After both sides make their closing arguments, the court and the jury will need several days to make a decision.

Since the trial officially began on October 3, SBF has repeatedly used statements such as "I don't know" and "I don't remember saying it" in court. The prosecution also presented various evidence and witnesses to convince the judge and the 12-member jury to convict SBF.

Related reading:《SBF appeared in court again to testify for himself, and the trial is moving towards the end》

SBF tried to emphasize that although he was the CEO of FTX, he did not always understand how the company operated. He blamed former colleagues Nishad Singh and Gary Wang for Alamede’s nearly unlimited credit line at FTX.

Prosecutors’ Closing Argument: “This is a fraud, plain and simple”

On November 1, prosecutors claimed in their closing arguments that SBF was guilty of fraud and conspiracy to commit fraud. “This is a fraud, plain and simple. Before FTX, there was Alameda,” prosecutor Nicolas Roos noted.

Nicolas said, "The defendant promoted the liquidation engine, saying that FTX was safe. He told Congress that collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions of dollars without the risk of being liquidated."

During the prosecution's closing statement, it was pointed out that SBF "lost his memory 140 times" while lying and dodging the core issues.

Related reading: "SBF trial scene: absent jury, and the protagonist of "amnesia""

SBF said the most "I don't remember". According to WSJ, SBF testified in court that he did not remember discussing the closure of Alameda Research with his senior deputy via the Signal messaging app in 2022. When asked if he remembered the conversation about how the company's $13 billion disappeared, he said "I don't remember."

The defense lawyer once "burst into tears"

The defense tried to portray SBF as an entrepreneur who made a "terrible mistake" in good faith, denying the allegations that he directed his inner circle to make political donations and venture capital, and used client funds to buy luxury real estate. During the closing statement, the defense lawyer was also "burst into tears" because of emotion.

According to Cointelegraph, SBF's defense lawyers faced a tough challenge in convincing jurors that SBF was innocent because the government provided a lot of evidence, including testimony from officials and law enforcement officers involved in the case.

In the closing statement of SBF's attorney Mark S. Cohen, he asked the court and the jury to find that SBF had always acted in "good faith" during the operation of FTX and Alameda Research, and therefore could not be found guilty of fraud.

It was "real-world miscommunication," "errors," and "delays" that hurt FTX and other members of Bankman-Fried's crypto empire, not intentional fraud.

Sam did his best to start and run two multi-billion-dollar businesses in new markets, and some decisions turned out well, some turned out badly.

It is worth noting that, perhaps because the prosecution made its closing arguments before the defense, the jury "listened attentively" during the prosecution's closing arguments, while "yawning" and appearing very "tired" during the defense's closing arguments.

SBF may face 115 years in prison, and the final result will be announced in a few days

In this trial, SBF faces seven counts of fraud and conspiracy to commit fraud, and a 12-person jury will decide his fate in the coming days. If convicted, SBF will serve 115 years in prison.

BlockBeatspreviously reported that on December 14, Nicholas Biase, a spokesman for the U.S. Attorney, said that the charges listed in the 13-page indictment could keep SBF in prison for decades, and SBF would face up to 115 years in prison.

FTX and Alameda-related addresses have recently transferred a total of $170 million

Outside the court, FTX's transaction records have become more frequent. According to BlockBeats statistics, FTX-related addresses have transferred a total of about $170 million worth of crypto assets. The most recent transfer took place this morning. According to Spot On Chain, FTX/Alameda transferred 9 assets worth $46 million to Kraken, Binance and Coinbase in the past 7 hours.

Related reading: "Which coins did FTX sell in the past 7 days? 》

After FTX and Alameda related addresses transferred out $59 million in assets on the 25th, 26th, and 27th, FTX/Alameda seemed to have accelerated its operation in the past few days, and has transferred out a total of about $127.5 million worth of crypto assets so far.