Was SBF a fraud from the start, or was he flying a plane as he was building it? And what was Martin Shkreli doing at the courthouse?
Journalists, crypto investors, curious citizens and even Martin Shkreli showed up to the lower Manhattan courtroom on Wednesday to hear opening arguments in a trial that will concern a question asked all too often in crypto: Is Sam Bankman-Fried merely a failure, or was his aim to commit fraud from the very beginning?
With a clever reframing, Cohen was able to integrate fiat@ into his narrative as well. Rather than describing fiat@ as a debt Alameda owed to FTX, Cohen argued that fiat@ represented a loan from FTX to Alameda, one that Bankman-Fried "reasonably believed" he was free to make, given Alameda was well-collateralized at the time.
Another observer, who works in tech but not crypto, said she thought the government's narrative held up even after the defense's opening statement.
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