In the criminal case against former FTX CEO Sam Bankman-Fried, also known as SBF, prosecutors have started calling witnesses.
According to an October 4th post on Inner City Press, an assistant U.S. attorney presented testimony from Marc-Antoine Julliard, a London-based cocoa broker who used FTX for cryptocurrency trading. Julliard shared his journey into cryptocurrency exchanges, influenced by friends and ads featuring Gisele Bündchen promoting FTX. He revealed using the FTX mobile app to trade cryptocurrencies, including Dogecoin.
Julliard also mentioned owning four Bitcoins, worth approximately $80,000 at the time. However, he faced difficulties withdrawing funds from FTX in November 2022, following Bankman-Fried's tweet that suggested the asset was in good shape. During questioning, SBF's legal team inquired about Julliard's interactions with FTX before his testimony and delved into his reasons for investing in cryptocurrencies.
Witnesses expected to testify in the trial include former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, former FTX director of engineering Nishad Singh, former FTX COO Constance Wang, and SkyBridge Capital co-founder Anthony Scaramucci. It's uncertain whether Bankman-Fried intends to testify in person.
Jury selection concluded on the morning of October 4th, after which defense attorneys and prosecutors began presenting their arguments in the criminal trial. Assistant U.S. Attorney Thane Rehn alleged that SBF had misled FTX users, lawmakers, and the public regarding the company's financial health. In response, Bankman-Fried's defense team shifted some responsibility to Caroline Ellison.
In his first trial, Bankman-Fried faces seven criminal charges related to the misuse of FTX client funds, to which he has pleaded not guilty. He will face an additional five charges in a second trial scheduled for March 2024.
