Day Two of SBF’s Trial: Witnesses Shed Gentle on Alleged Fraud

• On day two of Sam Bankman-Fried’s trial, the DOJ alleged that SBF intentionally lied to prospects and stole billions of {dollars}.
• SBF’s protection group contends that SBF made “unsuccessful enterprise choices” however acted in good religion.
• The trial featured testimonies from two witnesses, a former FTX shopper and a former worker.

On the second day of Sam Bankman-Fried’s trial, the U.S. Division of Justice (DOJ) accused SBF of deliberately defrauding buyers for private achieve, whereas the protection claimed that SBF solely made “unsuccessful enterprise choices.”

On Wednesday, October 4, Nathan Rehn, an assistant US legal professional, described Bankman-Fried saying, “He had wealth, he had energy, he had affect, however all of that was constructed on lies.”

The DOJ talked about in its opening assertion that Bankman-Fried intentionally lied to prospects, allegedly stealing billions of {dollars} from hundreds of individuals. Whereas the protection group described the previous FTX CEO as “a math nerd and a tough employee who acted in good religion.”

A distinguished crypto journalist, Laura Shin, acknowledged that the prosecution’s opening assertion was clear and straightforward to comply with, utilizing easy phrases akin to “lied or stole repeatedly.” Many of the jury isn’t conversant in crypto terminology, which many speculated that the protection would try to learn from.

Moreover, the prosecutors claimed that SBF was utilizing FTX “to commit fraud on an enormous scale,” and the cash he spent “to construct his empire was cash he was stealing from his prospects.”

The second day of Bankman-Fried’s trial noticed testimonials from two witnesses, Marc-Antoine Julliard and Adam Yedidia. Julliard is a former shopper of FTX, and Yedidia was a good friend of Bankman-Fried and a former worker of Alameda Analysis and FTX.

Julliard bought on the FTX alternate, and he defined that he performed due diligence earlier than deciding to make use of FTX; nevertheless, he had misplaced roughly $150,000 price of crypto. Julliard shared in his testimony that earlier than FTX filed for chapter, he didn’t withdraw his funds as a result of SBF made public statements that buyer property had been protected.

The second particular person to testify in SBF’s trial was Yedidia, who referred to as himself an in depth good friend of Bankman-Fried. Yedidia labored at FTX as a software program engineer however mentioned he had resigned instantly upon studying that Alameda had used FTX buyer deposits to repay Alameda’s loans.