March 27, 2024
SBF's Legal Battle: Unpacking the Defense's Strategy and Upcoming Testimony
Policy & Regulation

SBF’s Legal Battle: Unpacking the Defense’s Strategy and Upcoming Testimony

Sam Bankman-Fried is scheduled to testify beginning on Thursday. His attorneys have requested permission to question the founder of the defunct cryptocurrency exchange about FTX’s counsel’s participation in certain operations.

In a correspondence sent to Judge Lewis A. Kaplan, the attorneys for Bankman-Fried also requested evidence about his awareness of certain business practices.

And his “intentions and beliefs on November 12, 2022, to rebut the inferences from Gary Wang’s testimony that Mr. Bankman-Fried directed the transfer of assets to Bahamian regulators on that date, over the objections of FTX’s in-house and outside legal counsel, to retain control of FTX.”

The defence team specifically cited the prosecution’s contention that the adoption of auto-deletion rules is proof of Bankman-Fried’s unlawful and fraudulent intent. His attorneys responded by saying that he would be able to explicitly refute the inference by demonstrating that auto-deletion regulations were “instituted under the guidance of lawyers.”

Bankman-Fried’s comprehension of the role that counsel played in the establishment of the North Dimension entities and the opening of its Silvergate Bank account, according to the defence lawyers, would also be “directly relevant to his good faith belief that there was nothing improper about using Alameda-controlled entities to accept FTX customer deposits.”

His attorneys also want to hear if he is aware that Alameda loaned money to FTX officials and that these loans were structured and documented by lawyers.

“At a minimum, Mr Bankman-Fried should be permitted [to] testify in his defence regarding the involvement of counsel on these topics to counter any implication from the testimony elicited to date that he failed to act in good faith concerning these matters,” his defence team stated.

In the meanwhile, Bankman-Fried’s attorneys requested on Wednesday that Judge Kaplan deny their request for FBI special agents Luke Booth and Kristin Allain to testify in court on Thursday.

Gary Wang, the former co-founder of FTX, and Nishad Singh, the head of engineering, gave testimony that contradicted what they had previously told the FBI, according to the defence.

Image: Wallpapers.com

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