TL; DR
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Today marks the kick-off of the trial against Sam Bankman-Fried!
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The potential game plan for SBF’s defense? Go with the old “I had no idea what I was doing” argument.
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But this approach is RISKY! There is a good chance that key members of SBF’s inner circle, including FTX co-founder Gary Wang, former engineering chief Nishad Singh and former Alameda Research CEO Caroline Ellison, will all testify against him.
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Today marks the kick-off of the trial against Sam Bankman-Fried!
The former CEO of FTX is facing a not-so-modest seven charges, including bank fraud, securities fraud and a slew of other frauds.
His fate hinges on one thing:
Whether or not the prosecutors can prove the SBFs intention to defraud customers through his actions.
The potential game plan for SBF’s defense?
Go with the old “I had no idea what I was doing” argument.
(The same one your little nephew used when he spent $200 on Fortnite skins, using his mom’s credit card).
SBF has made this argument publicly a number of times, advancing the narrative that he was simply an inexperienced businessman who stepped over his skis and that he had never knowingly committed fraud.
But this approach is RISKY!
There is a good chance that key members of SBF’s inner circle, including FTX co-founder Gary Wang, former engineering chief Nishad Singh and former Alameda Research CEO Caroline Ellison, will all testify against him.
If/when that happens, it will be much harder for SBF to play the “Oops, stupid inexperienced me” card.
Okay, that’s it for now! We’ll keep you posted as we learn more.