Bankman-Fried's Trial Takes a Twist as FTX Co-Founder Testifies

October 5 marked a pivotal moment in the ongoing criminal trial of Sam "SBF" Bankman-Fried in New York.

by Faruk Imamovic
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Bankman-Fried's Trial Takes a Twist as FTX Co-Founder Testifies
© Getty Images News/Michael M. Santiago

October 5 marked a pivotal moment in the ongoing criminal trial of Sam "SBF" Bankman-Fried in New York. With each passing day, the courtroom is buzzing with revelations that uncover the intricate web between cryptocurrency exchange FTX, Alameda Research, and their key players.

Key Witnesses Shed Light on Alleged Malfeasance

The spotlight of the trial shone brightest on the third day, when Gary Wang, co-founder and former Chief Technology Officer (CTO) of FTX, took to the stand. As Wang spoke, the court listened intently, delving deeper into the allegations that have sent ripples throughout the cryptocurrency community.

Earlier testimonies had hinted at the interconnections between Alameda and FTX before the latter's bankruptcy filing. But Wang's statements provided a clearer picture of the alleged misconduct. According to reports from Inner City Press, he candidly admitted to committing crimes during his tenure at FTX, implicating not just Bankman-Fried, but also former Alameda Research CEO Caroline Ellison and former FTX engineering director Nishad Singh.

Recalling the operations, Wang stated, “We allowed Alameda to withdraw unlimited funds,” when pressed by Assistant United States Attorney Danielle Sassoon. But while he accepted responsibility for his actions, he also painted a picture of a hierarchy where Bankman-Fried wielded significant influence.

“[Sam handled] speaking to the media, lobbying, talking with investors. I just coded. [...] In the end, it was Sam’s decision to make [regarding any disagreements],” Wang revealed. The trial also saw testimonies from former FTX developer Adam Yedidia and Paradigm co-founder Matt Huang, further amplifying the sense of intrigue around the alleged misdeeds.

Will SBF Testify? The Million-Dollar Question

As the trial unfolds, one burning question remains: Will Sam "SBF" Bankman-Fried testify in his defense? According to the U.S. Constitution, no individual can be compelled to provide testimony that could self-incriminate.

This legal protection could mean the court may never hear Bankman-Fried's side directly from him. For now, as the trial progresses, the global cryptocurrency community watches closely, awaiting each new revelation. The outcome of this trial could set a precedent for the future of the crypto industry and its regulations.

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