Former FTX Executives Are Set to Testify Against Bankman-Fried
- Several top FTX executives have been listed to testify against Bankman-Fried.
- Judge Kaplan noted that the case will last roughly six weeks and warned against consuming media coverage of the case.
- Bankman-Fried could face decades behind bars if convicted of wrongdoing.
The trial of former FTX CEO Sam “SBF” Bankman-Fried is currently underway and has already produced several talking points, especially the prosecutor’s list of witnesses. According to reports, the prosecutors’ list of witnesses against Bankman-Fried includes numerous former FTX and Alameda Research executives.
Some of the notable names include FTX co-founder Gary Wang, former FTX engineering director Nishad Singh, and former FTX chief operating officer Constance Wang. Former Alameda Research head Caroline Ellison, Gary Wang, and Singh have already entered guilty pleas to charges relating to their participation in the downfall of FTX. Interestingly, Ryan Salame, the former co-CEO of FTX Digital Markets, has decided not to testify.
Assistant U.S. Attorney for the Southern District of New York Danielle Sassoon claimed that former CEO of Alameda Research Sam Trabucco could serve as one of the witnesses in the case.
Trabucco played a significant role in the FTX ecosystem before its sudden downfall. He left Alameda Research months before FTX collapsed, citing plans to pursue other ambitions.
Sassoon also suggested the co-founder of SkyBridge Capital, Anthony Scaramucci, who once claimed Bankman-Fried played a role in the 2022 market crash, could be called to testify. Scaramucci, who temporarily served as Donald Trump’s spokesperson, was friendly with Bankman-Fried on both a professional and personal level. In April of last year, the two collaborated to host the Crypto Bahamas conference, and for $40 million, FTX purchased a 30% share in Scaramucci’s New York-based investment company, SkyBridge Capital.
Bankman-Fried could be braced for some major changes pending the outcome of this case. Reports claim that the 31-year-old already altered his appearance for his first week of trial, taking off his trademark messy hair.
The case is expected to last for six weeks. Interestingly, Judge Lewis Kaplan, who oversees the case, revealed that prosecutors had not offered SBF a plea deal. Kaplan also questioned potential jurors on their availability, challenges, and potential conflicts of interest. Additionally, he cautioned against consuming any trial-related media.
The defense and the prosecution will each have between 25 and 40 minutes to address the jury during opening arguments on Wednesday, October 4. Bankman-Fried’s current trial seeks to tackle seven criminal offenses, and a second trial will begin in March 2024 to determine five separate charges.