Closing argument in FTX trial, SBF may face 115 years in prison

At about 21:00 on the evening of November 1st, Beijing time, in the long-running criminal fraud trial of FTX founder SBF, the prosecutor and the defense finally made their closing arguments. Closing arguments are a critical part of the trial process and have a significant impact on the courts decision, so attorneys often prepare carefully and work hard to convince the jury or judge to support their position. After closing arguments from both sides, the court and jury take several days to make a decision.

Since the trial officially started on October 3, the SBF has repeatedly used expressions such as I dont know and I dont remember saying it in court. The prosecutor also presented various evidence and witnesses to convince the judge and the 12-person jury to convict SBF.

Related reading: SBF once again appeared in court to testify for himself, and the trial case is approaching its final conclusion

SBF tried to emphasize that although he served as CEO of FTX, he did not always understand how the company worked. He blames former colleagues Nishad Singh and Gary Wang for Alamedes nearly unlimited credit line at FTX. Prosecutors closing argument: This is fraud, plain and simple.

In closing arguments on November 1, prosecutors alleged that SBF was guilty of fraud and conspiracy to commit fraud. Prosecutor Nicolas Roos said: This is fraud, plain and simple. Before FTX, there was Alameda.

Nicolas said, The defendant promoted the liquidation engine, saying that FTX was safe. He told Congress that the collateral must be placed on the platform itself, not just pledged. But secret rules allowed Alameda to borrow billions of dollars without being liquidated. risk.

During the prosecutors closing argument, he also pointed out that SBF lost his memory 140 times while lying and avoiding core issues.

Related reading: SBF Trial Scene: The Absent Jury, and the Protagonist with Amnesia

The most common thing SBF says is I dont remember. SBF testified in court that he did not recall discussing the closure of Alameda Research with his top deputies via the Signal messaging app in 2022, WSJ reported. Asked if he remembered the conversation about how $13 billion from the company disappeared, he said I dont remember. The defense attorney was in tears at one point.

The defense, for its part, sought to portray SBF as a well-intentioned entrepreneur who made horrible mistakes, denying accusations that he directed his inner circle to make political donations and venture capital investments, as well as use client funds to purchase luxury real estate. During the closing arguments, the defense lawyer was so emotional that he burst into tears.

As Cointelegraph reports, SBF defense attorneys face a tough challenge in convincing jurors of SBF’s innocence as the government presents a wealth of evidence, including testimony from officials and law enforcement officers involved in the case.

In his closing argument, SBF attorney Mark S. Cohen asked the court and jury to find that SBF had always acted in good faith when operating FTX and Alameda Research, and therefore could not be found guilty of fraud.

It was real-world miscommunications, errors and delays that hurt FTX and other members of Bankman-Frieds crypto empire, not intentional fraud. Sam fought tooth and nail to launch and run two multi-billion dollar businesses in new markets, with some decisions turning out well and others ending badly.

It is worth noting that perhaps because the prosecution delivered its closing statement before the defense, the jury listened attentively during the prosecutors closing statement, but yawned when the defense delivered its closing statement. Looks very tired.

SBF may face 115 years in prison, the final result will be announced in a few days

SBF faces seven counts of fraud and conspiracy to commit fraud at the trial, where a 12-person jury will decide his fate in the coming days. If convicted, SBF will serve 115 years in prison.

BlockBeats previously reported that on December 14, U.S. Attorney spokesman Nicholas Biase said that the charges listed in the 13-page indictment may keep SBF in prison for decades, and SBF will face up to 115 years in prison.

FTX and Alameda related addresses recently transferred a total of US$170 million

Outside of the courts, FTX’s trading record has become increasingly frequent. According to BlockBeats statistics, FTX-related addresses have currently transferred a total of approximately US$170 million worth of crypto assets. The latest transfer occurred this morning. According to Spot On Chain monitoring, FTX/Alameda transferred 9 assets worth US$46 million to Kraken, Binance and Coinbase in the past 7 hours.

Related reading: What coins did FTX sell in the past 7 days? 》

Following the transfer of US$59 million in assets from FTX and Alameda related addresses on the 25th, 26th, and 27th, in the past few days, FTX/Alameda seems to have accelerated the pace of operations, and has so far transferred a total of approximately US$127.5 million worth of crypto. assets.