TL;DR
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Today marks the kickoff of Sam Bankman-Fried’s trial!
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The potential game plan for SBF’s defense? Go with the old “I had no clue what I was doing” argument.
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But this approach is RISKY! There’s a good chance that key members from SBF’s inner circle, including FTX co-founder Gary Wang, former head of engineering Nishad Singh, and former CEO of Alameda Research Caroline Ellison, will each testify against him.
Full Story
Today marks the kickoff of Sam Bankman-Fried’s trial!
The former FTX CEO of is facing a not-so-humble seven counts, including wire fraud, securities fraud, plus a whole bunch of other frauds.
His fate balances on one thing:
Whether or not prosecutors can prove SBF’s intent to defraud customers through his actions.
The potential game plan for SBF’s defense?
Go with the old “I had no clue what I was doing” argument.
(The same one your little cousin used when he spent $200 on Fortnite skins, using his mom’s credit card).
SBF has made this argument a bunch of times publicly, pushing the narrative that he was simply an inexperienced businessman who got out over his skis, and that he never knowingly committed fraud.
But this approach is RISKY!
There’s a good chance that key members from SBF’s inner circle, including FTX co-founder Gary Wang, former head of engineering Nishad Singh, and former CEO of Alameda Research Caroline Ellison, will each testify against him.
If/when that happens, it’s going to become much harder for SBF to play the “Ooops, silly inexperienced me” card.
Alright, that’s it for now! We’ll keep you updated as we learn more.
