Sam Bankman-Fried's defense team presented its closing arguments in court Wednesday, telling the jury that things aren't really what they seem.
Share on email The prosecution, SBF's attorney Mark Cohen said, was setting up their client to be something like a villain in a Hollywood movie, rather than"What we've been trying to present to you, and I'll discuss today, is more of a real-world perspective," Cohen told jurors.
SBF had built excellent companies with excellent products, he told the jury, until they were overwhelmed by the events of 2022 — when cryptocurrency markets turned against anyone still holding significant amounts of digital assets.of fraud, conspiracy and money laundering in connection with operations at his cryptocurrency exchange FTX and his trading firm Alameda Research.
Cohen noted that the prosecution had never discussed the fact that there was "no restriction on fiat currency in FTX's terms of service.SBF had made statements to the effect that his firms never made use of its customers' funds for investments or business functions.while his exchange was cratering, saying "FTX is fine. Assets are fine," Cohen argued that doing so actually demonstrated good faith.But that was based on FTX's token, FTT, having a respectable value.
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Defense rests in Sam Bankman-Fried fraud trial after calling only three witnessesBarnini Chakraborty is the senior investigations reporter at the Washington Examiner. She has previously worked at Fox News as a senior features and politics reporter. She's also worked at Fox Business as a field producer and at Dow Jones. She began her career at the Augusta Chronicle in Georgia.
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