The defense in the FTX cofounder’s trial have been accused of failing to land any blows during cross-examination. They might be doing the best they can with a weak hand.
Bankman-Fried is charged with multiple counts of fraud in connection with the collapse of FTX. The exchange fell to pieces in November after users found they could not withdraw their funds, worth billions of dollars in aggregate. The money was missing, the US government claims, because Bankman-Fried had swept it into a sibling company, Alameda Research, where it was used to bankroll high-risk crypto trades, venture bets, personal loans, political donations, debt repayments and other expenses.
In this case, for example, having Ellison concede that, sometimes, Bankman-Fried was not abreast of everything going on at Alameda, or that he may have been unaware that FTX customer deposits continued to be wired to Alameda-owned bank accounts, even after FTX had set-up its own. Wang and Singh were also led to confirm that they, not Bankman-Fried, had coded in the mechanism that allowed Alameda to withdraw virtually unlimited amounts of customer funds from the FTX platform.
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