DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management


The Division of Justice (DOJ) has confirmed its intention to summon former FTX purchasers, traders and employees as witnesses within the upcoming trial involving Sam Bankman-Fried, the previous FTX CEO.

The DOJ submitted a letter movement in limine on Sept. 30 describing the witnesses it intends to name regarding FTX’s therapy of buyer belongings.

The testimonies intend to offer views on the interactions between the accused and the witnesses. It additionally goals to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, significantly concerning FTX’s asset administration. The DOJ intends to spotlight the experiences of retail and institutional purchasers who entrusted substantial belongings to FTX, believing that the platform would safeguard them securely.

Courtroom submitting in america District Courtroom for the Southern District of New York. Supply: CourtListener

Moreover, a state of affairs has emerged regarding one of many DOJ’s witnesses, “FTX Buyer-1,” who resides in Ukraine. Given the continuing battle in Ukraine, touring to the U.S. to offer testimony is related to difficulties. The DOJ has advised utilizing video conferencing as a viable different. Nonetheless, Bankman-Fried’s protection has not but authorized this proposal.

Nonetheless, the authorized staff representing Bankman-Fried, led by lawyer Mark Cohen, has voiced concerns about the jury questions put forth by the DOJ. In accordance with Bankman-Fried’s protection, these interrogations insinuate guilt on Bankman-Fried’s half, doubtlessly undermining the precept of “harmless till confirmed responsible.“

Associated: Sam Bankman-Fried’s lawyer challenges US gov’t proposed jury questions

Moreover, the protection contends that these inquiries could not successfully uncover the jurors’ inherent biases, particularly associated to their encounters with cryptocurrencies. Furthermore, particular questions may inadvertently information the jury’s perspective as a substitute of eliciting genuine insights, presumably compromising the trial’s impartiality.

With the jury choice scheduled to begin on Oct. 3, carefully adopted by the trial, the highlight is on this high-stakes authorized confrontation.

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