What happened during the first week of the SBF case in a comprehensive article?

Comprehensive article on the events of the first week in the SBF case.

Author: Daniel Kuhn, CoinDesk

Translation: Felix, LianGuaiNews

The general consensus in the market seems to indicate that the first few days of SBF (Sam Bankman-Fried)’s trial have not been favorable to him.

The U.S. Department of Justice (DOJ) prosecutors are confirming that SBF was deeply involved in a long-term scheme to defraud clients and investors, which has added to the difficulty of SBF’s legal defense. While SBF is the nominal head of the company, he did not pay attention to the corruption happening at his exchange FTX and hedge fund Alameda Research.

Throughout this high-profile trial, SBF has faced an uphill battle. The current CEO of FTX is John Jay Ray III, the bankruptcy trustee of Enron. Under Ray’s guidance, FTX has filed documents accusing SBF, completely changing public perception of SBF, who was once loved by the crypto community.

The defense by the lawyers from the law firm Cohen & Gresser in court for SBF seems to have had little effect. District Judge Lewis Kaplan is clearly frustrated with SBF’s defense attorneys. Some observers say that in some questioning, defense attorney Chris Everdell’s questions were rejected “80%” of the time. In fact, it is common for prosecutors to object to misleading questions.

However, the trial is still in its early stages and could last six weeks. It is unclear whether SBF, with his new hairstyle, will testify in court. Renato Mariotti, a partner at Bryan Cave Leighton LianGuaiisner LLP who is closely following the case, as well as most lawyers, seem to think that this is at best a gamble and could be catastrophic. FTX co-founder and SBF’s old friend Gary Wang has admitted to committing fraud and mentioned the “privileges” FTX provided to Alameda, allowing them unlimited withdrawals. Although former FTX developer Adam Yedidia stated that he resigned in November 2022 after learning of FTX’s plan to “deceive” clients, this point has been deleted from the records.

Here are the key highlights and details of the trial so far, as well as events outside the courtroom, such as the revelations about SBF in “Going Infinite,” the new book by “The Big Short” author Michael Lewis.

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