At about 9 p.m. on November 1, Beijing time, the prosecution and the defense finally made closing statements in the protracted criminal fraud trial of FTX founder SBF. Closing statements are a key part of the trial process and have a significant impact on the court's decision, so lawyers usually prepare carefully and try to convince the jury or judge to support their position. After both parties make closing statements, the court and jury will take several days to make a decision.
Since the trial officially began on October 3, SBF has repeatedly used statements such as "I don't know" and "I don't remember saying it" in court. The prosecution also presented various evidence and witnesses to convince the judge and the 12-member jury to convict SBF.
Related reading: "SBF appears in court again to testify for himself, the trial is moving towards the end"
SBF sought to emphasize that while he was FTX’s CEO, he didn’t always understand how the company worked. He blamed former colleagues Nishad Singh and Gary Wang for Alamede’s nearly unlimited credit line at FTX. Prosecutors’ closing argument: “This was a fraud, plain and simple”
On November 1, prosecutors alleged in their closing arguments that SBF was guilty of fraud and conspiracy to commit fraud. Prosecutor Nicolas Roos noted: “This is fraud, plain and simple. Before FTX, there was Alameda.”
“The defendant marketed the liquidation engine as FTX being secure,” Nicolas said. “He told Congress that collateral had to be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions of dollars without the risk of being liquidated.”
During the prosecution’s closing arguments, it was simultaneously pointed out that SBF had “lost his memory 140 times” while lying and dodging on core issues.
Related reading: "SBF trial scene: absent jury and the "amnesiac" protagonist"
The most SBF said was "I don't remember." According to WSJ, SBF testified in court that he did not remember discussing the closure of Alameda Research with his senior deputy via the Signal messaging app in 2022. When asked if he remembered the conversation about how the company's $13 billion disappeared, he said "I don't remember." The defense lawyer once "burst into tears"
The defense tried to portray SBF as an entrepreneur who made a "terrible mistake" with good intentions, denying the allegations that he directed his inner circle to make political donations and venture capital, and used client funds to buy luxury real estate. During the closing statement, the defense lawyer was so emotional that he "burst into tears".
According to Cointelegraph, SBF’s defense attorneys faced a tough challenge in convincing jurors of SBF’s innocence given the government’s extensive evidence, including testimony from officials and law enforcement officers involved in the case.
In his closing statement, SBF's attorney Mark S. Cohen asked the court and jury to determine that SBF had always acted in "good faith" while operating FTX and Alameda Research, and therefore could not be found guilty of fraud.
It was “real-world miscommunication,” “errors,” and “delays” that hurt FTX and the rest of Bankman-Fried’s crypto empire, not intentional fraud. Sam did his best to start and run two multibillion-dollar businesses in new markets, and some decisions turned out well, and some turned out badly.
It is worth noting that, perhaps because the prosecution delivered its closing argument before the defense, the jury "listened attentively" during the prosecution's closing argument, but "yawned" and appeared very "tired" during the defense's closing argument.
SBF may face 115 years in prison, the final result will be announced in a few days
SBF faces seven counts of fraud and conspiracy to commit fraud, and a 12-member jury will decide his fate in the coming days. If convicted, SBF could spend 115 years in prison.
BlockBeats previously reported that on December 14, U.S. Attorney spokesman Nicholas Biase said that the charges listed in the 13-page indictment could put SBF in prison for decades, and SBF would face up to 115 years in prison.
FTX and Alameda related addresses have recently transferred out a total of $170 million
Outside the court, FTX's transaction records have become more frequent. According to BlockBeats statistics, FTX-related addresses have transferred a total of about $170 million worth of crypto assets. The most recent transfer took place this morning. According to Spot On Chain monitoring, FTX/Alameda transferred 9 assets worth $46 million to Kraken, Binance and Coinbase in the past 7 hours.
Related reading: "What coins did FTX sell in the past 7 days?"
After FTX and Alameda-related addresses transferred out $59 million in assets on the 25th, 26th, and 27th, FTX/Alameda seemed to have accelerated its pace of operations in the past few days, and has transferred out a total of approximately $127.5 million worth of crypto assets so far.
