The fraud trial of FTX founder Sam Bankman-Fried has taken an unexpected turn, as prosecutors unveil explicit messages sent by Bankman-Fried to journalists, where he criticized regulators. These shocking revelations challenge the image he carefully cultivated as a supporter of cryptocurrency regulation and oversight.
Well, this keeps getting more and more twisted, doesn’t it? Read on.
New Revelations
On Wednesday, U.S. District Judge Lewis Kaplan permitted jurors to examine the evidence: a message from Bankman-Fried to a Vox reporter via X (formerly known as Twitter), as reported by Reuters. In this message, the FTX founder boldly expressed his disdain for regulators, stating that they “make everything worse.” He also confessed that his previous public endorsements of regulation were nothing more than a PR stunt.
These revelations followed another message sent to a journalist from The Block, in which Bankman-Fried criticized U.S. lawmakers and SEC Chair Gary Gensler. He accused them of being “dumb” and facilitating a hostile environment for the cryptocurrency industry by yielding control to Gensler. This is significant, given that the SEC is generally perceived as less favorable towards crypto than the CFTC.
Also Read: FTX’s Bankman-Fried vs. Binance’s Changpeng Zhao: What Went Wrong?
Criminal Charges: Billions in Question
Bankman-Fried is accused of defrauding FTX customers of billions of dollars to fund his personal and political ambitions. He allegedly diverted these funds to various ventures, contributed to U.S. political campaigns, and even fueled his hedge fund, Alameda Research. Prosecutors claim these donations were designed to sway legislation favorable to the crypto industry. Despite the staggering weight of the charges, which include two counts of fraud and five counts of conspiracy, Bankman-Fried maintains his plea of not guilty.
Bankman-Fried’s legal team argued to withhold these conversations from the jury, stating that they are irrelevant to the alleged crimes and would bias the jury. However, prosecutor Danielle Sassoon retorted that these messages indicate Bankman-Fried’s genuine attitude towards regulators, which contradicts his public persona.
Read More: Sam Bankman-Fried Was Manipulating Bitcoin Price to Stay Under $20,000, Ellison Claims
What‘s Next?
The trial began on October 3 and is expected to conclude in early November. With the prosecution potentially resting their case as early as October 26, Bankman-Fried’s lawyers hint that he may testify in his defense.
As one of the most popular crypto exchanges before its downfall, FTX’s trial has garnered global attention. Whatever the outcome, this trial stands to leave a lasting impact on the markets. Brace yourself!
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October 19, 2023 at 02:19PM
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Sam Bankman-Fried’s Fraud Exposed: Secret Messages Reveal Disgust for Regulation - Coinpedia Fintech News
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