Bankman-Fried’s determination to testify comes after a variety of his former shut associates took the stand in opposition to him. Former Alameda Analysis CEO Caroline Ellison, FTX co-founder, Gary Wang, and head of engineering for FTX Nishad Singh, largely deflected accountability again to Bankman-Fried by alleging he was the mastermind behind the corporate’s misuse of buyer funds. Nevertheless, Bankman-Fried might be seen shaking his head no a number of instances throughout their testimonies.
The prosecution finalized their case immediately with transient testimony from FBI Particular Agent, Marc Troiano. Troiano testified that Bankman-Fried was part of 325 chats with a particular auto-deletion function on encrypted messaging platform, Sign. Furthermore, the protection identified that the auto-deletion function was turned off in a variety of these chats by Bankman-Fried across the time FTX collapsed.
The protection finally struggled to push by Troiano’s cross-examination, dealing with a variety of objections from the prosecution. At one level, Choose Kaplan chided their considerably redundant line of questioning, claiming it “was not useful.”
Nevertheless, the protection was in a position to take the reins as they introduced their first new witnesses, which included Bankman-Fried’s Bahamian lawyer Krystal Rolle and monetary points marketing consultant, Joseph Pimbley. Specializing in quantitative finance, Pimbley introduced knowledge from a snapshot of FTX’s database, most notably showcasing the in-use line of credit score belonging to Alameda Analysis’s accounts.
In a line graph, Pimbley demonstrated that each one of Alameda Analysis’s accounts at their peak had been solely using $5 billion price of their $65 billion line of credit score.
The prosecution’s cross-examination consisted principally of declaring data that wasn’t factored into Pimbley’s knowledge. They claimed that the database merely gives data however doesn’t maintain precise funds, noting that Pimbley by no means reviewed any financial institution statements. Furthermore, the prosecution claimed that Alameda Analysis’s account truly consisted of two different accounts with the intention to make its line of credit score decrease, referencing FTX co-founder Gary Wang’s testimony.
Nevertheless, the prosecution identified so many elements not counted that Choose Kaplan scolded them, noting that Pibmley’s knowledge had “sure inherent limitations” primarily based on what he was requested to quantify.
Equally necessary, the protection introduced Bankman-Fried’s Bahamian lawyer, Krystal Rolle. Rolle testified that she started representing Bankman-Fried personally within the Bahamas on November eleventh, 2022. She mentioned intimately the method of Bankman-Fried’s preliminary investigation and liquidation proceedings.
Bankman-Fried will testify subsequent in his personal protection this afternoon.