On Wednesday, attorneys presented sneak peeks of their cases Sam Bankman-Fried to a jury that had just been sworn in at a federal court in Manhattan. They offered two opposing explanations for how Sam Bankman-Fried’s crypto empire came to an end.
Thane Rehn, an assistant US attorney, painted a picture of a wicked, avaricious businessman. Whose insatiable need for money and influence drove him to steal billions of dollars in client cash.
“He had wealth, power, and influence,” Rehn stated. But everything found on lies, you know.
Rehn reiterated the allegations made by the government that Bankman-Fried, also known as SBF, used his cryptocurrency exchange. FTX, as his own personal piggy bank, taking money from customers to enrich himself and his family, purchase opulent beachfront property in the Bahamas, and donate millions to US political campaigns.
Several accusations of fraud and conspiracy have been brought against Bankman-Fried. 31, by the US authorities as a result of the collapse of his cryptocurrency trading platform, FTX, last year.
Rehn pointed to Bankman-Fried who was standing a short distance away and remarked, “This man stole billions of dollars from thousands of people.” He emphasized one point repeatedly: that Bankman-Fried stole, recruited others to steal for him, lied about stealing, and continued to lie while he tried to hide his crimes.
Bankman-Fried, who was seat in a suit and tie and was support by two attorneys. Paid no attention to what Rehn said and instead focused on a laptop. Bankman-Fried’s expression softened as Mark Cohen. His own attorney, took the podium, and he turned his attention to the jury panel.
A radically different perspective on his client and the failure of his company was presented by Cohen.
He told the jury, “Sam didn’t defraud anyone,” insisting that his client acted honestly throughout the success and failure of his enterprises.