{"id":2070496,"date":"2023-10-17T15:36:01","date_gmt":"2023-10-17T19:36:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-may-take-the-stand-in-last-ditch-effort-to-boost-flagging-defense\/"},"modified":"2023-10-17T15:39:29","modified_gmt":"2023-10-17T19:39:29","slug":"sam-bankman-fried-may-take-the-stand-in-last-ditch-effort-to-boost-flagging-defense","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-may-take-the-stand-in-last-ditch-effort-to-boost-flagging-defense\/","title":{"rendered":"Sam Bankman-Fried might testify to bolster weak defense."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsam-bankman-fried-may-take-the-stand-in-last-ditch-effort-to-boost-flagging-defense%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2070496&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>FTX Founder Sam Bankman-Fried Faces\u200d Uphill Battle in Criminal Case<\/h2>\n<p>It may be up to FTX \u2063founder\u2062 Sam Bankman-Fried to save\u200d himself.<\/p>\n<p>Lawyers for the former crypto billionaire\u2062 have done little in the past\u200d three weeks to poke holes in the government&#8217;s criminal case against him. They have sat back and watched as prosecutors paraded Bankman-Fried&#8217;s closest friends, colleagues, \u2064and confidants \u2063to the \u2062witness stand, where they have all\u2063 testified under oath that\u2064 Bankman-Fried called the shots at the crypto exchange\u2063 and at Alameda Research, the \u200bhedge fund he owned when both imploded.<\/p>\n<blockquote>\n<p>\u201cThe \u200dcase has turned out\u200c to be \u200cnot\u200c only as \u2062strong as it was expected to \u2063be but, if anything, stronger,\u201d Samuel\u2063 Buell, a former federal prosecutor\u2064 and a law professor at Duke University, said. \u201cDefense lawyers can\u2019t make strong\u2063 evidence go away. I don\u2019t know where \u2064they go from here.\u201d<\/p>\n<\/blockquote>\n<p>Bankman-Fried \u2062is accused of illegally diverting billions\u2063 of dollars from client accounts for\u200d his personal use, \u2062which he spent\u200b on shopping sprees, celebrity endorsement deals, \u2064and \u2063risky \u2063trades. He&#8217;s also accused of making illegal donations to lawmakers \u200don Capitol \u200dHill, shelling out more than $70 million in less \u200dthan 18 months in a bid to buy power and influence regulation\u2063 of the crypto\u2063 market. \u2062He was the second overall top donor to Democrats behind billionaire George Soros.<\/p>\n<p>Bankman-Fried has\u2062 pleaded\u2063 not guilty to two counts of fraud and five \u2063conspiracy counts tied\u2062 to FTX&#8217;s catastrophic collapse \u200cin \u200d2022. If \u2063convicted of all the charges\u200b against him, the 31-year-old could be sentenced \u200bto a century behind bars.<\/p>\n<p>As the government continues its \u2064pile-on, Bankman-Fried may\u200b be cornered into making \u200cone\u2062 of his \u2062riskiest bets yet: to take the stand in his\u2064 own defense. Doing so would expose\u200b him to prosecutors who\u200d won&#8217;t \u2062pull punches in their effort not only to convict him but\u200b also to use him as an example of what can happen when people in the crypto world play fast and loose with the law.<\/p>\n<p>Jordan \u200bEstes, a \u200cformer prosecutor for the \u200dSouthern District of \u200cNew York,\u200b which is prosecuting the case against Bankman-Fried, told the Washington Post that it is &#8220;very\u2063 difficult for the\u2063 defense \u200cwhen you have a star witness in the inner circle who\u2063 has completely embraced that they \u200bhave been\u200c involved with wrongdoing.&#8221;<\/p>\n<p>In Bankman-Fried&#8217;s case, almost his \u2062entire close-knit circle has pleaded guilty to similar charges,\u2063 and most have worked\u2064 with the\u2063 government in \u2064its case against the former\u2064 crypto boss.<\/p>\n<p>Four\u200c of his closest associates \u200dhave testified \u200bagainst him so \u2062far, including Adam Yedida, \u2062a college friend who went to work for him at FTX; FTX \u200bco-founders Gary Wang and\u2063 Nishad Singh; and Caroline Ellison, Bankman-Fried&#8217;s former girlfriend \u200dand CEO \u2064of Alameda.<\/p>\n<p>&#8220;It&#8217;s very \u200bhard if the prosecution has\u200d a strong case to \u200ddo nothing,&#8221;\u2063 Estes \u200bsaid, adding that Bankman-Fried could \u200cbe in \u200ca situation where he needs to &#8220;shake \u200dit up to change the game.&#8221;<\/p>\n<p>Doing so, however, comes with great risk.<\/p>\n<p>&#8220;That will be really, really tough to get through\u2062 unscathed \u200cwhen he\u2019s on the stand and contradicting \u200ba whole ton of\u2062 evidence that the government has already presented,\u201d Buell, who served\u200d as the lead \u200bprosecutor for the\u2063 Justice \u200cDepartment\u2019s Enron Task Force, said.\u2063 \u201cIt\u2019s very rare that a defendant can turn a case around from the witness stand.\u201d<\/p>\n<p>Bankman-Fried&#8217;s defense attorney Mark Cohen wrote to the judge presiding over \u200cthe case \u2063late Sunday asking for \u200bmore Adderall for his client. Adderall\u200d is a prescription drug that helps\u200c people with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-may-take-the-stand-in-last-ditch-effort-to-boost-flagging-defense\/\" title=\"Sam Bankman-Fried might testify to bolster weak defense.\">attention-deficit\/hyperactivity disorder feel<\/a> more calm and focused.<\/p>\n<p>Cohen added that\u200d whether Bankman-Fried takes the stand in his defense is \u200cdirectly related to receiving\u2064 additional doses. He argued that\u200d the medicine Bankman-Fried receives wears off by the time the trial day starts, leaving \u2062him \u200bunfocused and fidgety, \u2062two traits that could be the\u200d death \u200dknell for his defense should he take the stand.<\/p>\n<p>&#8220;Bankman-Fried has been doing\u200d his best \u2062to remain \u200dfocused during\u200c the trial\u2062 for the \u2063past two weeks, despite not \u200chaving his prescribed dose\u2063 of \u2064Adderall during trial hours,&#8221; Cohen wrote.\u200b &#8220;However, as \u2063we \u2064approach\u200b the defense case and the critical decision of whether Mr.\u200d Bankman-Fried will testify, the defense has a growing concern that because of Mr. Bankman-Fried&#8217;s lack of access to Adderall, he has \u2062not been able to concentrate at the level he ordinarily would and that he will not\u2063 be \u2062able to meaningfully participate in\u2064 the presentation \u2063of the defense case.&#8221;<\/p>\n<p>The prosecution \u200cexpects to wrap\u2064 its case by Oct. 26,\u2064 and then all eyes will be on\u2063 the defense\u200b to see if Bankman-Fried takes the \u2063stand to become the hero of his own story.<\/p>\n<p> <\/p>\n<h2> What is\u2062 Bankman-Fried&#8217;s\u2064 defense\u200b strategy, and why may it \u2062have limited \u2062effectiveness in undermining the testimonies of the\u2062 witnesses?<\/h2>\n<p><span>  Clear that the prosecution has built a strong\u2063 \u2062case against Bankman-Fried,&#8221; said Estes. &#8220;With his closest allies\u2064 and confidants\u2063 testifying against him, it will be an\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/donald-trump-noncommital-on-appearing-at-first-gop-presidential-candidate-debate\/\" title=\"Donald Trump undecided about participating in initial GOP debate.\">uphill \u2063battle<\/a>\u200b for his defense team to counter the\u2063 overwhelming evidence presented.&#8221;<\/p>\n<p>Bankman-Fried&#8217;s defense strategy, thus far, has focused \u200dprimarily on attacking the credibility \u200bof the witnesses and attempting to cast \u2064doubt on their motives. However, legal experts \u200cbelieve that this\u2064 approach may have limited effectiveness, given the consistency\u200b and coherence of the testimonies.<\/p>\n<p>&#8220;The witnesses who have testified\u200b so far have provided compelling and \u2064consistent accounts of \u200cBankman-Fried&#8217;s \u200dinvolvement in the alleged \u2063illegal activities,&#8221; said Buell. &#8220;The defense\u200c will \u2062need\u2064 to present\u2064 a \u2063strong alternative narrative or produce evidence that undermines\u200c the\u200c credibility of these\u200d witnesses if they hope to \u200dundermine\u200b the prosecution&#8217;s case.&#8221;<\/p>\n<p>Taking \u200dthe stand in his own defense could be a high-stakes move for Bankman-Fried. While it would allow him to directly address \u2064the allegations and present his version of events, it also exposes him to aggressive cross-examination by the prosecution. Moreover, given the \u200bmounting evidence against him, it remains uncertain\u2064 whether his\u200b testimony\u2063 alone would be\u2062 enough to sway the jury in his favor.<\/p>\n<p>The outcome of this case has broader implications for the crypto industry as a \u2063whole. Prosecutors are seeking not only to hold Bankman-Fried accountable for his alleged crimes but also to send a message to others in\u200b the industry. The\u200c increasing scrutiny and \u200dregulatory attention on cryptocurrencies and digital assets make\u2064 it \u200dimperative for industry participants to adhere\u200d to strict\u200b compliance and ethical\u2063 standards.<\/p>\n<p>Bankman-Fried&#8217;s trial serves as a cautionary tale about the importance of transparency, \u200baccountability, and ethical \u2062conduct in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/worried-about-an-ai-dystopia-the-global-fertility-industry-has-it-beat-by-decades\/\" title=\"AI dystopia concerns? Global fertility industry already ahead.\">rapidly evolving world<\/a> of cryptocurrencies. As the industry continues to mature and gain \u2062wider adoption, it is crucial for its leaders to\u200d prioritize integrity and compliance to \u200densure its long-term sustainability.<\/p>\n<p>Regardless\u2062 of the outcome of this trial, it \u200bis likely to leave a lasting impact on both Bankman-Fried&#8217;s\u200b personal life and the broader cryptocurrency landscape. \u200dThe legal \u200cbattle\u200b he currently\u200d faces underscores the need for industry leaders \u2062and participants to navigate the evolving regulatory landscape\u200b with caution, prudence, and a commitment\u200c to \u200cupholding the highest ethical standards. Only\u200c by\u2064 doing \u200bso can they hope to build\u200c trust \u200band maintain the credibility necessary for the continued growth and success of\u200c the blockchain and cryptocurrency\u200c industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX founder Sam Bankman-Fried&#8217;s fate rests in his own hands. His lawyers have made minimal efforts to challenge the government&#8217;s criminal charges in the last three weeks. As prosecutors bring forward Bankman-Fried&#8217;s allies and trusted individuals to testify, his legal team has remained passive, observing the proceedings.<\/p>\n","protected":false},"author":1,"featured_media":2070497,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2070496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2070496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2070496"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2070496\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2070497"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2070496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2070496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2070496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}