Prosecutors Involved in SBF Trial Reveal the Witnesses They Plan to Call

Prosecutors Involved in SBF Trial Reveal the Witnesses They Plan to Call

Sam Bankman-Fried’s Trial

Federal prosecutors have announced the witnesses expected to testify in the case brought against Sam Bankman-Fried, the former CEO of now-bankrupt crypto exchange FTX. The announcement comes a few days before the most-awaited trial begins.

In the document sent to court, the federal prosecutors stated that they were planning on introducing testimony from affected FTX investors and customers to explain how the exchange promised it would protect their digital currencies and how it ultimately used them.

The prosecutors also said they would have non-American citizens as witnesses to explain their expectations after they deposited funds with FTX, based on the user fund policy of the exchange. Before collapsing, most of FTX’s customers were foreigners, with American clients only accessing the platform’s services through FTX US.

Ukrainian Citizen to Testify Against SBF

Per the court document, one of the FTX customers expected to testify is a Ukrainian citizen whose name has been withheld. The prosecutors have referred to them as “FTX-Client 1.” They are requesting the court to allow the witness to give his testimony remotely, arguing that Ukrainian men above 18 were blocked from traveling abroad amid the ongoing war between their country and Russia.

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According to the prosecutors, FTX-Client 1 deposited their life savings into FTX when the war began, entrusting the exchange to protect the funds for them.

SBF’s Partners Set to Testify Against Him

The prosecutors’ document also mentions co-conspirators as witnesses. The officials say they will have unnamed individuals who pleaded guilty to charges brought against them for their involvement in FTX’s fraudulent activities to testify. These witnesses will explain how they collaborated with Bankman-Fried to execute illegal practices that caused FTX to collapse.

Although the names of the co-conspirators are not in the document, prosecutors had initially announced that they secured cooperation deals with Bankman-Fried’s partners, including Alameda Research ex-CEO Caroline Ellison, FTX ex-Director of Engineering Nishad Singh, and Gary Wang, the FTX co-founder. The trio has admitted that they knew they were breaking the law by misappropriating customer funds.

Bankman-Fried, who was once a prominent individual in crypto, faces multiple charges such as wire fraud and money laundering, which, when convicted, could lead to decades in jail. His most-anticipated trial starts tomorrow.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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