Crypto Verdict Watch for SBF

In the closing arguments of Sam Bankman-Fried’s trial, his defense team countered the prosecution’s portrayal of the cryptocurrency entrepreneur as a villain, emphasizing the real-world complexities of running cryptocurrency businesses. Bankman-Fried’s attorney, Mark Cohen, asserted that the events of 2022, marked by a downturn in cryptocurrency markets, overwhelmed the otherwise successful companies he had built. Facing seven criminal counts related to fraud, conspiracy, and money laundering, Bankman-Fried’s defense argued that good faith was a complete defense to the charges, placing the burden on the government to prove a lack of good faith.

Cohen presented an alternative perspective on FTX’s business decisions, attributing code features to responses to specific business issues and emphasizing their intention to help customers. He defended Alameda’s use of FTX customer funds, arguing that there was no restriction on fiat currency in FTX’s terms of service. The defense sought to create reasonable doubt, emphasizing Bankman-Fried’s state of mind and asserting that each mistake made sense in the context of the moment. The jury is expected to render a verdict in the case soon.