Sam Bankman-Fried has been on trial at a federal court in Manhattan since October 3. Take a look at the highlights of the first week.
The trial of former FTX CEO Sam Bankman-Fried started on October 3. Four witnesses explained to jurors how $8 billion in funds from customers went missing.Luxury real estate, political donations, investments, and magazine covers. A year ago, that was the life of Sam Bankman-Fried, Assistant U.S. Attorney Thane Rehn remarked during the opening statements of the world's most famous crypto trial.
This week, four witnesses testified in the trial at the United States District Court in Manhattan. The list includes a French trader, an investor in FTX, alongside Adam Yedidia and Gary Wang, former close friends of Bankman-Fried.The prosecutor’s first witness to the jury was a cocoa trader from Paris, currently living in London. Marc Julliard was one of the victims of the FTX debacle in November 2022. Juilliard told jurors he had four Bitcoins on FTX, worth nearly $100,000 at the time.
According to his testimony, fiat funds from customers were received by FTX through an Alameda subsidiary called North Dimension. Every deposit made by a FTX customer was considered a debt owed from Alameda to FTX. At the time of the exchange’s collapse, this liability stood at $8 billion., mentioning Alameda's liability. He did not receive a positive response.
Under the exemption, Alameda was able to leverage its position and maintain a negative balance with FTX.to the idea of having investors on FTX's board of directors, but pledged to build one and appoint experienced executives.Once co-founders of two prominent companies, Wang and Bankman-Fried found themselves on opposite sides of the courtroom this week.
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