DOJ Plans to Name Former FTX Customers, Traders, and Workers as Witnesses in Upcoming Samuel Bankman-Fried Trial

The judicial highlight is quickly to be on Samuel Bankman-Fried, the previous CEO of FTX, because the U.S. Division of Justice (DOJ) outlines its technique for the upcoming trial. On September 30, 2023, the DOJ disclosed by means of a letter movement in limine, the array of witnesses it intends to name upon. These people, hailing from completely different interactions with the cryptocurrency change FTX, are anticipated to supply essential testimonies regarding the firm’s dealing with of buyer funds below Bankman-Fried’s watch.

A major a part of the trial will hinge on the testimonies from a wide range of people who had differing relationships with FTX. Initially, the federal government intends to name upon some prospects of FTX, who deposited funds on the platform. Their testimony will purpose at shedding gentle on their expectations and understandings concerning how the corporate would handle and safeguard their deposits.

Following that, traders who bought shares in FTX are anticipated to testify in regards to the representations made by Bankman-Fried regarding FTX’s function as a “custodian” of buyer funds. Their insights will delve into how these representations influenced their understanding and choices in investing in FTX.

Furthermore, sure cooperating witnesses, who’ve already pled responsible to conspiring to commit fraud with the defendant, are anticipated to testify about their interactions and understandings of sure actions and statements made by Bankman-Fried through the interval below scrutiny.

Among the many witnesses, a notable point out is a person from Ukraine, known as “FTX Buyer-1.” Given the continuing unrest in Ukraine, touring to the U.S. to testify presents a major problem. The DOJ, recognizing this hurdle, has prompt using video conferencing as a viable different to make sure the witness’s testimony is recorded and regarded.

On the opposite facet of the aisle, the protection group of Bankman-Fried argues that these interrogations might implicitly present guilt on Bankman-Fried’s half, which may very well be prejudicial and undermine the “harmless till confirmed responsible” precept.

With the method of jury choice scheduled to start on October 3, the upcoming trial has garnered vital consideration. The highlight on this high-stakes authorized showdown is anticipated to accentuate because the trial date nears. The case is just not solely pivotal for the concerned events however can be prone to have broader implications on the regulatory panorama surrounding cryptocurrency exchanges, significantly regarding the safeguarding of buyer property.

Picture supply: Shutterstock

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