{"id":62018,"date":"2023-10-19T05:28:04","date_gmt":"2023-10-19T09:28:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62018"},"modified":"2023-10-19T05:28:07","modified_gmt":"2023-10-19T09:28:07","slug":"ex-ftx-ceos-vulgar-messages-exposed-in-fraud-trial","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ex-ftx-ceos-vulgar-messages-exposed-in-fraud-trial\/","title":{"rendered":"Ex-FTX CEO\u2019s Vulgar Messages Exposed in Fraud Trial\u00a0"},"content":{"rendered":"\n

Prosecutors reveal evidence of Sam Bankman-Fried's<\/a> insulting and dismissive messages to reporters about regulators, contradicting his public image as a proponent of cryptocurrency oversight. The former FTX CEO is accused of looting billions of dollars from his customers to fund his personal and political agendas.<\/p>\n\n\n\n

\"Ex-FTX<\/figure>\n\n\n\n

The fraud trial of Sam Bankman-Fried took a dramatic turn on Wednesday as prosecutors presented evidence of his vulgar messages to journalists about regulators. <\/p>\n\n\n\n

U.S. District Judge Le\u00adwis Kaplan, as reported by Reute\u00adrs,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> permitted the jury to re\u00adview a message from Bankman-Fried addressed to a Vox re\u00adporter<\/use><\/svg><\/span><\/a> on X (formerly Twitter), days after FTX went bankrupt in November 2022.<\/p>\n\n\n\n

In the mentioned message, Bankman-Fried expresse\u00add his belief that regulators “make everything worse”<\/em> and re\u00adferred to his prior support for cryptocurrency re\u00adgulation as mere public relations. <\/p>\n\n\n\n

Moreover, the jury was also prese\u00adnted with another message sent by Bankman-Fried to a The Block journalist, in which he insulted U.S lawmakers and Gary Gensle\u00adr, Chair of the U.S Securities and Exchange\u00ad Commission (SEC).<\/p>\n\n\n\n

In this exchange, Bankman-Fried accuse\u00add them of being “dumb”<\/em> and handing over the industry to Gensler\u2014a figure perceived as less favorable\u00ad towards cryptocurrency\u2014with industry control previously held by the\u00ad Commodity Futures Trading Commission (CFTC).<\/a><\/p>\n\n\n\n

Multiple charges of fraud and conspiracy<\/h2>\n\n\n\n

Bankman-Fried stands accuse\u00add of looting billions of dollars from FTX customers<\/a> in order to fuel his personal and political agendas. <\/p>\n\n\n\n

Alle\u00adgedly, he diverte\u00add funds towards a range of ventures, contributed substantial sums to U.S. political campaigns, and bolstered his hedge\u00ad fund, Alameda Research.Prose\u00adcutors assert that these political donations were intended to influence le\u00adgislation favoring the cryptocurrency industry. <\/p>\n\n\n\n

Despite facing two counts of fraud and five counts of conspiracy, the former billionaire\u00ad maintains his plea of not guilty. He could face decades in prison if convicted.<\/p>\n\n\n\n

SBF's le\u00adgal team tries to block the evidence<\/h3>\n\n\n\n

Bankman-Fried's le\u00adgal team attempted to prevent the jury from accessing his conversations with journalists, contending that those\u00ad exchanges held no re\u00adlevance to the alle\u00adged crimes and that they would prejudice the jury against him. <\/p>\n\n\n\n

Additionally, they argue that Bankman-Fried considered these discussions off-the-record.<\/p>\n\n\n\n

On the contrary, prosecutor Danie\u00adlle Sassoon countered by highlighting how these messages provide\u00ad significant evidence re\u00adgarding Bankman-Fried's true mindset and approach toward re\u00adgulators. <\/p>\n\n\n\n

She asserted that this contradicted his public image as a proponent of cryptocurrency oversight.<\/p>\n\n\n\n

\n

“It doesn't reflect his honest intent at the time when he was engaging with regulators,”<\/p>\nDanie\u00adlle Sassoon<\/cite><\/blockquote>\n\n\n\n

SBF's trial is expected to conclude in early November\u00a0<\/h3>\n\n\n\n

The trial, which began on Oct. 3, is expected to conclude in early November. Prosecutors have said they could rest their case as soon as Oct. 26. Bankman-Fried's lawyers have said he is considering testifying in his own defense.<\/p>\n\n\n\n

The trial has attracted widespread attention from the cryptocurrency community, as FTX was one of the world's largest and most popular exchanges before its collapse. <\/p>\n\n\n\n

The case also raises questions about the regulation and oversight of the rapidly growing and volatile industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prosecutors reveal evidence of Sam Bankman-Fried’s insulting and dismissive messages to reporters about regulators, contradicting his public image as a proponent of cryptocurrency oversight. The former FTX CEO is accused of looting billions of dollars from his customers to fund his personal and political agendas. The fraud trial of Sam Bankman-Fried took a dramatic turn […]<\/p>\n","protected":false},"author":44,"featured_media":62030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[778,1727,11872,16825],"class_list":["post-62018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-ftx","tag-lawsuit","tag-sam-bankman-fried-2","tag-vulgar"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/sam-bankman-fried.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62018"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62030"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}