Former FTX lawyer ‘shocked’ by missing $7B: SBF trial live updates
The post Former FTX lawyer ‘shocked’ by missing $7B: SBF trial live updates appeared on BitcoinEthereumNews.com. FTX co-founder Sam Bankman-Fried faces seven federal charges in a criminal trial taking place in Manhattan. The former crypto exchange exec is accused of misappropriating billions of dollars of customer funds for real estate, donations, political contributions and investments. The current state of play: Former FTX attorney Can Sun is expected to take the stand today as one of the few remaining witnesses for the prosecution. On Wednesday, accounting professor Peter Easton gave the court insight into SBF’s — and his family’s — spending. Read more here. 2:45 pm ET: Terms of service come into focus The cross-examination of former FTX attorney Can Sun was heavily focused on the terms of service of FTX Digital Markets. The defense has previously indicated that this could be a central element in its case. The terms of service explicitly expressed FTX’s commitment to safeguarding customer assets and telling them that the assets they deposited were theirs and theirs alone. This aligns with the government’s claims that Alameda accessed and spent customer deposits sent to FTX. SBF lawyer Mark Cohen attempted to knock down the theory by asking about the margin trading section of the terms. Through questioning, Cohen attempted to get the percentage of users that engaged in such trading. His goal might have been to get a sense of how many of the customers who lost money in the FTX collapse were engaging in riskier strategies from Sun. However, Cohen moved on after Sun didn’t recall the numbers. He then focused on a section about account liquidation on FTX, which said that customers may lose “all” of their assets in cases where backstop liquidity providers are unable to step in effectively. While Cohen read this section into the record, Sun didn’t have a response to the questions. Cohen also had questions about…
The post Former FTX lawyer ‘shocked’ by missing $7B: SBF trial live updates appeared on BitcoinEthereumNews.com.
FTX co-founder Sam Bankman-Fried faces seven federal charges in a criminal trial taking place in Manhattan. The former crypto exchange exec is accused of misappropriating billions of dollars of customer funds for real estate, donations, political contributions and investments. The current state of play: Former FTX attorney Can Sun is expected to take the stand today as one of the few remaining witnesses for the prosecution. On Wednesday, accounting professor Peter Easton gave the court insight into SBF’s — and his family’s — spending. Read more here. 2:45 pm ET: Terms of service come into focus The cross-examination of former FTX attorney Can Sun was heavily focused on the terms of service of FTX Digital Markets. The defense has previously indicated that this could be a central element in its case. The terms of service explicitly expressed FTX’s commitment to safeguarding customer assets and telling them that the assets they deposited were theirs and theirs alone. This aligns with the government’s claims that Alameda accessed and spent customer deposits sent to FTX. SBF lawyer Mark Cohen attempted to knock down the theory by asking about the margin trading section of the terms. Through questioning, Cohen attempted to get the percentage of users that engaged in such trading. His goal might have been to get a sense of how many of the customers who lost money in the FTX collapse were engaging in riskier strategies from Sun. However, Cohen moved on after Sun didn’t recall the numbers. He then focused on a section about account liquidation on FTX, which said that customers may lose “all” of their assets in cases where backstop liquidity providers are unable to step in effectively. While Cohen read this section into the record, Sun didn’t have a response to the questions. Cohen also had questions about…
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