Legal expert predicts slim chances of exoneration for Bankman-Fried as defense concludes case.

News Analysis

Sam Bankman-Fried‍ once again tried to evade responsibility for the cryptocurrency exchange FTX’s catastrophic collapse and the loss ​of billions​ of dollars in customer funds during⁢ his testimony ​in a ‍Manhattan‌ federal court on Wednesday.

His risky decision to take the stand and ⁢his ‍legal maneuvers during questioning about his actions as head of FTX have little chance of swaying the outcome of the trial, according to a business law expert.

Going Out on a Limb

The‌ final round of Bankman-Fried’s testimony revealed some surprising revelations and ​predictable claims.

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Bankman-Fried repeated ‍familiar claims, blaming his former‌ girlfriend⁢ and colleagues for the liquidity crisis and loss ⁤of funds ‌at FTX and Alameda ‍Research.

However, his defense strategy is unlikely to surprise anyone who has followed the ⁤trial closely.

A surprising revelation came from a sidebar huddle involving the defense, ‌prosecution, and the judge. The defense attempted to introduce ⁣a passage from Michael Lewis’s book,⁢ Going Infinite, as evidence. The passage quoted Bankman-Fried denying ⁤any​ wrongdoing in⁢ running FTX.

The judge rejected the⁣ presentation of this hearsay evidence, indicating the defense’s desperation and the diminishing prospects of exonerating Bankman-Fried ​through traditional⁣ witness testimony.

‘An⁢ Open-and-Shut Case’

The defense’s desperate⁤ tactics suggest that the outcome of the trial is not⁣ in doubt, according to Charles Steele, an economics‍ and business expert.

Steele believes that Bankman-Fried diverted clients’ funds, which amounts to theft, and his claims of ignorance and lack of oversight expose him to serious ‌charges of ⁣mismanagement and negligence.

“Bankman-Fried admits he had no idea what he ⁣was doing. He completely abandoned his fiduciary ⁢responsibilities to his clients,” said Steele.

Unanswered Questions

While many see the ⁣FTX ‌case ⁢as a tale‌ of a⁢ young man’s incompetence leading to a cryptocurrency ‍exchange collapse, Steele believes there are more sinister aspects to consider.

Steele points out Bankman-Fried’s political connections and suggests that his actions may have involved money laundering.

As the trial ‌nears its conclusion,⁢ the full truth about ⁤the FTX⁢ scheme and Bankman-Fried’s rise and fall remains uncertain.

“I​ wonder⁣ if we will ever‍ know the full truth about the ​FTX scheme,” said Steele.

Why is it⁣ important to examine the evidence and facts surrounding the collapse ⁢of FTX and not dismiss ⁢Bankman-Fried’s claims as mere scapegoating

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An Attempt to Shift Blame

Sam Bankman-Fried once again tried to evade responsibility for the cryptocurrency exchange FTX’s catastrophic collapse and the loss of billions of dollars in customer funds during his testimony in a Manhattan federal court on Wednesday.