In the criminal fraud case, the former CEO of FTX will be one of a limited number of witnesses to testify in his defense.
As part of his defense, former FTX CEO Sam “SBF” Bankman-Fried will testify, according to his attorney Mark Cohen.
Cohen stated in a telephone conference held on October 25 between SBF’s attorneys, prosecutors, and Judge Lewis Kaplan that following the prosecution’s case presentation on October 26, his team intended to call three witnesses in addition to Bankman-Fried to the stand.
Judge Kaplan stated he would enable the case to proceed “straight through” on October 26, beginning with the defense’s first witness after the prosecution’s final witness.
FTX Weighs Post-Bankruptcy Options
Kevin Cofsky, the company’s investment banker from Perella Weinberg Partners, disclosed during a court hearing in Wilmington, Delaware, that a decision regarding the company’s direction would be made by mid-December.
In addition, active negotiations are presently taking place with a number of investors regarding potentially binding offers.
Several options are being considered to revitalize the platform, including selling the entire exchange, including its vast customer base of more than nine million, or forming a partnership with another entity.
Cofsky has contemplated the possibility of FTX independently revitalizing its trading platform. The identities of the prospective suitors are, however, unknown.
After filing for bankruptcy the previous year, FTX has endeavored to raise funds for the repayment of its creditors.
FTX administrators successfully recovered approximately $7 billion in assets, including $3.4 billion in cryptocurrency, according to court documents.
In addition, during court proceedings, the company’s attorney, Andrew Dietderich, reportedly disclosed that certain intricate disputes with key creditor organizations have reached a preliminary resolution.
This development enables FTX to initiate a comprehensive payout strategy by the end of the year.
However, the precise percentage of recovered customers is currently unknown and will depend heavily on whether or not the exchange is sold or revitalized.
