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Attorneys for the government and defense delivered their closing arguments in United States v Sam Bankman-Fried, the trial over FTX’s multi-billion dollar collapse where prosecutors allege that the founder built his crypto empire atop a “pyramid of lies”. The jury will receive the case for deliberation on Nov. 2, said Senior District Judge Lewis A. Kaplan who presides over the case. Trial bystanders postulated that a verdict could be announced sooner rather than later. Assistant United States Attorney (AUSA) Nicholas Roos summarized the government’s case into direct points – the defendant Bankman-Fried deceived and defrauded thousands of FTX customers who deposited billions in the defunct crypto exchange, said InnerCityPress. Bankman-Fried allegedly set up FTX as a feeder entity for Alameda long before Ellison joined as head of trading and was later appointed sole CEO after Sam Trabucco resigned.  The prosecutor pointed to Bankman-Fried’s evasive responses on the stand a...

Sam Bankman-Fried’s lawyers made a third attempt to secure his temporary release from prison, but a New York court denied their request just days before his trial begins in October. District Court Judge Lewis Kaplan ruled that Bankman-Fried must stay at the Brooklyn Metropolitan Detention Center (MDC) since his defense attorneys were unable to provide sufficient reasons for his release. With the trial slated to start Oct. 3, SBF lawyers argued that his release would be crucial in preparing an adequate defense against seven criminal charges including wire fraud. Judge Kaplan found the bid for Bankman-Fried’s release insufficient, siding with government prosecutors who wrote that the court already approved several considerations for SBF that are not accorded to most individuals facing federal prosecution. The fallen crypto tycoon is reportedly allowed to review documents on an air-gapped laptop and meet with his lawyers frequently in jail. Docketed: Sam Bankman-Fried will NO...