{"id":2081095,"date":"2023-10-27T08:53:04","date_gmt":"2023-10-27T12:53:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway\/"},"modified":"2023-10-27T08:55:34","modified_gmt":"2023-10-27T12:55:34","slug":"bankman-fried-testimony-in-ftx-trial-finally-gets-underway","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway\/","title":{"rendered":"FTX trial begins with Bankman-Fried&#8217;s testimony."},"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\">12<\/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%2Fbankman-fried-testimony-in-ftx-trial-finally-gets-underway%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=2081095&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--><blockquote>\n<div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Sam Bankman-Fried, the founder\u200c and former CEO of the failed cryptocurrency exchange FTX, \u200bshocked \u2062everyone by taking\u200b the stand in \u2063his criminal trial on Thursday. \u2062Despite the risk of <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.\">aggressive cross-examination<\/a> from government lawyers, \u200dBankman-Fried decided to testify.\u200c <\/p>\n<p>The testimony got \u200boff to a rocky\u2063 start, with reports that the\u2062 judge\u2064 postponed \u200cit until Friday, only to later\u200b confirm that it had begun. Regardless, observers are skeptical that Bankman-Fried would\u2062 risk testifying in the \u200cface of a strong prosecution case that includes personal accounts from former friends and colleagues.<\/p>\n<div class=\"my-5\">\n<p>According to \u2064sources\u200b in the courtroom, Bankman-Fried attempted to defend himself and imply his innocence by implicating his lawyers in\u200d decisions \u200cregarding customer assets \u2062at FTX. <\/p>\n<h2><strong>Personal Vanity and\u200d Desperation<\/strong><\/h2>\n<p>The stance taken \u200dby Bankman-Fried during his testimony \u200ddoesn&#8217;t surprise legal experts who have been following the FTX saga and the trial since it \u2064began on Oct. 3.<\/p>\n<\/div>\n<div class=\"shortcode\"><!--$--><\/p>\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Why\u200b Bankman-Fried\u2019s FTX Fraud Trial Isn\u2019t Going His Way<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/18\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/why-bankman-frieds-ftx-fraud-trial-isnt-going-his-way-5510043?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/market-making-or-theft-tech-officer-says-ftx-repurposed-customers-money-5506529?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Market-Making or Theft? FTX \u200bRepurposed \u2062Customers\u2019 Money, \u2063Tech Officer\u200d Says<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/9\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/market-making-or-theft-tech-officer-says-ftx-repurposed-customers-money-5506529?ea_src=author_manual&#038;ea_med=related_stories\">\n<picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/jpeg\" https:><\/source><\/picture>\n<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p><!--\/$--><\/div>\n<p>It&#8217;s not common \u2063for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pharma-bro-martin-shkreli-gives-sam-bankman-fried-advice-on-surviving-prison\/\" title=\"\"Pharma Bro\" Martin Shkreli offers Sam Bankman Fried advice about surviving prison\">high-profile executives<\/a> to testify \u200bin their own defense, as it often fails to make a significant impact on the outcome \u2064of their trials.\u2063 However, Bankman-Fried may have felt\u200d compelled to fight back\u2062 against former friends and colleagues who have been relentlessly attacking him on the stand in recent weeks.<\/p>\n<p>Furthermore, Bankman-Fried may have been encouraged by \u2062the absence of \u2064jurors during his testimony. Despite the\u200d ongoing \u2063legal battle, he still hopes to convince the judge that his failure was due to mistakes of the \u200dhead, not the heart.<\/p>\n<p>This perspective comes \u200bfrom Timothy Hsieh, a professor \u2062at Oklahoma City University School of Law specializing in blockchain and technology. In a discussion \u200bwith The Epoch Times, Hsieh shared his\u2064 analysis of Bankman-Fried&#8217;s bold and risky move.<\/p>\n<p>&#8220;I \u2062think a \u200dlot of it has \u2064to do with the \u2063fact that \u2064there won&#8217;t be a jury present. Another\u2063 significant\u200b factor is that the jury\u200c has already heard weeks of testimony from \u2063his former colleagues, friends, and even his ex-girlfriend, Caroline Ellison, who pleaded guilty and cooperated \u200cwith the government,&#8221; said Hsieh.<\/p>\n<div class=\"post-figure\">\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>  Caroline Ellison, the former CEO of Alameda Research and former girlfriend of FTX founder Sam Bankman-Fried, testifies in Manhattan federal court \u200cin \u2063New York on Oct. 10, 2023. (Elizabeth Williams via AP)<\/figcaption><\/figure>\n<\/div>\n<p>Hsieh acknowledged that attorneys in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-will-hear-boston-marathon-bomber-execution-case\/\" title=\"Supreme Court Will Hear Boston Marathon Bomber Execution Case\">high-profile cases<\/a> often advise against testifying, as prosecutors can tear apart the witness on the stand. However, Bankman-Fried\u200c seems to have been\u2064 eager to\u2063 have his say \u2063and\u200c share his side of \u200cthe story, especially when others in his circle have been so vocal about\u2062 theirs.<\/p>\n<p>The absence of\u2064 a jury doesn&#8217;t mean Bankman-Fried&#8217;s testimony will \u200bbe in vain. \u200dIt provides an opportunity to present\u200b his case on \u200bthe record without the psychological pressure of a jury&#8217;s scrutiny. The fallen mogul may see\u200b this as a chance to\u2063 counterbalance the negative \u200dimage \u200cpainted by his accusers and present facts \u2063that could ultimately influence the jury&#8217;s decision.<\/p>\n<div class=\"my-5\">\n<h2><strong>Hitting Back at the\u200b Turncoats<\/strong><\/h2>\n<p>Most likely, Bankman-Fried felt deeply hurt by the accusatory testimonies of people \u200bhe once\u2063 considered close friends\u200c and colleagues. Particularly, he may resent his former girlfriend Caroline Ellison revealing that \u2063he\u200b was fully aware of the financial state \u2064of FTX and Alameda Research. Additionally, the CEO of FTX personally instructed her to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bankman-fried-testimony-in-ftx-trial-finally-gets-underway\/\" title=\"FTX trial begins with Bankman-Fried's testimony.\">make high-risk investments<\/a> \u2064and\u2064 use customer\u200c funds without their \u200cknowledge or consent.<\/p>\n<\/div>\n<p>Former chief technology \u200bofficer Gary\u2062 Wang\u200c and former \u2062head of engineering Nishad \u200dSingh have also provided damaging testimonies against Bankman-Fried. Combined, all the adverse testimonies have created a damning\u2064 case, leading the\u2062 embattled mogul to\u2064 believe he must take the stand\u2063 to \u200ddefend himself.<\/p>\n<p>&#8220;He may be thinking,\u2063 finally, here&#8217;s my chance to tell my side\u200c of the story. This could be impactful, game-changing, and potentially alter the trial&#8217;s outcome. Despite\u200b it being \u200cconsidered unwise,\u2063 he might gain\u2063 some much-needed \u2062traction,&#8221; explained Hsieh.<\/p>\n<p>Given everything that has transpired during\u200c the trial, Bankman-Fried and his lawyers may\u2062 feel they have little left\u2062 to\u2063 lose at this point.<\/p>\n<p>Furthermore, Bankman-Fried\u200d may still hope to appeal to the psychological aspect of American\u2063 jurors who admire bold and ambitious \u2062entrepreneurs.\u2062 He may draw parallels\u200d to\u2064 figures like\u200b Edward Snowden, the NSA whistleblower\u2063 who broke the law but believed he was \u200bacting \u200bin the public&#8217;s best interest.<\/p>\n<div class=\"post-figure\">\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>  Former U.S. intelligence contractor\u2064 Edward Snowden speaks during an interview in Hong Kong on Jan. 1, \u200b2013. (The Guardian via\u200b Getty Images)<\/figcaption><\/figure>\n<\/div>\n<p>The U.S. government \u200bmay be under\u200c pressure \u200dto demonstrate control over the speculative cryptocurrency \u200cmarket and combat\u200b fraud. Bankman-Fried, as a prominent figure in the cryptocurrency world, may have become a scapegoat and a target of\u200b excessive regulation. This\u2063 is the\u2063 narrative the fallen\u200b mogul hopes the public will believe.<\/p>\n<p>&#8220;He&#8217;s highly motivated to share his story as a \u2064visionary turned martyr, as the\u200b government is making an example out of him. He wants to prove that he never intended to defraud anyone and that his failure resulted from the government&#8217;s overreach. He wants others to remember his tale,&#8221; concluded Hsieh.<\/p>\n<\/div>\n<\/blockquote>\n<p> <\/p>\n<h2>PAA\u2063 Related Questions:<\/h2>\n<p><span>  Consent.<\/p>\n<p>In the midst of these damaging testimonies, Bankman-Fried&#8217;s decision to take the stand reflects his desire to regain\u2062 control over the narrative and \u2062assert his innocence. By implicating his lawyers in decisions regarding customer assets at FTX,\u200c he\u200d attempts to shift the blame and highlight\u2063 the influence of legal counsel in the company&#8217;s operations.<\/p>\n<p>Legal\u200c experts who have been monitoring the \u200cFTX\u200b trial since its inception are not surprised by Bankman-Fried&#8217;s strategy. They believe that his personal vanity and desperation have driven him to take such a risky step. By testifying in his own\u2064 defense, he \u2064hopes to counter the strong prosecution case against him, which includes testimonies from former friends and colleagues.<\/p>\n<p>One significant factor that may have \u200cemboldened\u2062 Bankman-Fried is the absence \u200cof jurors during his testimony. This \u200babsence allows him \u200cto present his case without the added pressure of \u200da jury&#8217;s scrutiny. He hopes that by laying\u200b out his side of the\u200c story<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, ex-CEO of collapsed FTX crypto exchange, defied expectations by testifying in his criminal trial. Despite potential intense questioning from prosecutors, he took the stand on Thursday. However, the testimony had a shaky beginning, as reports surfaced about the judge&#8217;s involvement.<\/p>\n","protected":false},"author":669,"featured_media":2081096,"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":[543],"tags":[],"class_list":["post-2081095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2081095","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\/669"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2081095"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2081095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2081096"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2081095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2081095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2081095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}