The trial of Sam Bankman-Fried is coming to an end and we are nearly a month in. Bankman-Fried is charged with seven federal counts of fraud and conspiracy, with the defense resting and closing arguments on the horizon.
While this is not being televised nor any electronic recording devices allowed in the courtroom, the coverage we are getting from multiple crypto journalists who attended the session sat in and reported back.
And according to these citizen journalists, it is pretty much over for SBF.
Read: Key Figures Involved In The Sam Bankman-Fried Trial – A Comprehensive Rundown
Sam Bankman-Fried Takes The Stand
According to the journalists who attended the trial session, Bankman-Fried’s time on the witness stand included a relatively muted demeanor, sparse eye contact, and providing extensive details not directly asked for — SBF refused to answer anything straightforwardly or directly even when it seemed very benign to do so.
The lead prosecutor continued to emphasize the government’s narrative during the cross-examination, portraying SBF as acting recklessly, presenting a false image to the public, and having full awareness of the situation.
Currently at the time of writing, the defense rests, meaning the jury will soon deliberate. Closing arguments are set to begin with both the Department of Justice and the defense estimating two to three hours for their narratives, with the DOJ possibly needing additional time for a rebuttal.
Jury deliberations may start as early as Thursday on November 2nd, following the reading of the charge instructions by the judge.
The government’s instructions aim to clarify that any intent Bankman-Fried had to repay customers is not a defense and that Bankman-Fried’s philosophy of “effective altruism” should not be considered as his defense, as his motives are irrelevant to his guilt or innocence.
SBF’s Defense
Throughout the trial, Bankman-Fried continued to deny any form of responsibility of himself and instead pointed the blame towards the former FTX executives Caroline Ellison, Nishad Singh, and Gary Wang. He insisted that he acted in good faith with no intent to defraud anyone.
One argument from Bankman-Fried is that he did not maliciously steal from his customers and believes that the use of customer funds and deposits to support his hedge fund (Alameda Research) was permissible according to the rights and obligations of the FTX-customer relationship.
Prosecutors then rebutted his statement and argued that Bankman-Fried lied to his customers and investors about how their funds were being used.
Read: FTX Case: A Cautionary Tale Of Mismanagement And Control Failures
Final Thoughts
As the trial of Sam Bankman-Fried enters its final moments, the crypto industry awaits any verdict given to the FTX founder for orchestrating one of the biggest financial frauds in human history. It is now up to the jury to decide whether he is guilty or not.