Closing arguments in the criminal trial of Sam "SBF" Bankman-Fried, the founder of cryptocurrency exchange FTX, have come to an end, and U.S. Judge Lewis Kaplan of the Southern District of New York is now providing jury instructions. Bankman-Fried is facing seven charges, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud.
During his instructions to the jury, Judge Kaplan emphasized that the allegations of wire fraud against FTX customers and Alameda Research lenders are significant, regardless of whether any actual harm was suffered by the victims. He noted that the government is not required to prove harm but only that Bankman-Fried intended some harm or participated in a scheme that contemplated harm. The judge also made it clear that the defendant's involvement in the scheme did not need to start from the beginning, and intent could be inferred from circumstantial evidence.
Regarding the conspiracy charges in counts two and four, Judge Kaplan clarified that it is sufficient if two or more individuals agreed to commit the offense. He warned the jury that merely being present at the scene of a crime, having a friendly relationship with an offender, or maintaining a presence at the time of the offense does not constitute a crime.
Throughout the ongoing trial, key FTX executives, including former Alameda CEO Caroline Ellison, former FTX CTO Gary Wang, and former FTX engineering chief Nishad Singh, have acknowledged their involvement in the exchange's collapse. They are now cooperating with the U.S. government and providing depositions against Bankman-Fried. If convicted, SBF could face a maximum prison sentence of up to 110 years. The jury will commence deliberations following a lunch break.
