{"id":62407,"date":"2023-10-24T03:32:56","date_gmt":"2023-10-24T07:32:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62407"},"modified":"2023-10-24T03:32:59","modified_gmt":"2023-10-24T07:32:59","slug":"sam-bankman-fried-seeks-expert-to-counter-doj-witnesses","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sam-bankman-fried-seeks-expert-to-counter-doj-witnesses\/","title":{"rendered":"Sam Bankman-Fried Seeks Expert to Counter DOJ Witnesses"},"content":{"rendered":"\n

Bankman-Fried, plans to call upon a financial expert <\/a>to refute the testimony of Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.<\/p>\n\n\n\n

\"\"
Sam Bankman-Fried Seeks Expert to Counter DOJ Witnesses<\/figcaption><\/figure>\n\n\n\n

The attorneys for Sam Bankman-Fried intend to present an expert witness to refute the testimony of former Alameda Research CEO Caroline Ellison\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and other witnesses regarding the extent of FTX's financial ties to the trading firm.<\/p>\n\n\n\n

In a letter dated October 23 to New York District Judge Lewis Kaplan, Bankman-Fried's attorneys stated that PF2 Securities consultant Joseph Pimbley would depose on behalf of the former FTX CEO.<\/p>\n\n\n\n

The letter states that Pimbley will testify, based on FTX database information, that Alameda's line of credit with FTX “fluctuated between approximately $1 billion and $3 billion” between October 2021 and September 2022, and decreased in June 2022, in order to establish a definitive timeline for the line of credit.<\/p>\n\n\n\n

Pimbley will also testify that the majority of non-FTX and non-Alameda users' accounts are denominated in US dollars, Bitcoin, Ethereum, along with Tether USDT.<\/p>\n\n\n\n

75% of non-FTX and Alameda user balances “arise from accounts that have spot margin enabled, spot margin lending enabled, or show futures activity,” which could provide context for former FTX executives' testimony.<\/p>\n\n\n\n

\"\"
Highlighted excerpt of the letter on testimony Pimbley will counter regarding FTX customer trading. Source: CourtListener<\/figcaption><\/figure>\n\n\n\n

In addition, the testimony will refute Ellison, FTX co-founder Gary Wang, former FTX engineering director Nishad Singh, and former FTX employee Adam Yedidia's testimony regarding Alameda's line of credit and FTX customer use of margin trading<\/p>\n\n\n\n

Pimbley will refute Ellison's testimony that Alameda had “an essentially unlimited line of credit on FTX” and Wang's testimony that the company had borrowed “around $3 billion” from the credit line.<\/p>\n\n\n\n

Pimbley's 54-page disclosure<\/use><\/svg><\/span><\/a> contains a variety of charts, spreadsheet extracts, diagrams, and database queries extracted from FTX's Amazon Web Services database pertaining to FTX's line of credit with Alameda between October 2021 and November 2022.<\/p>\n\n\n\n

Pimbley is paid $720 per hour plus expenses for his services, but he has stated that he has “no financial interest in the outcome of this case.”<\/p>\n\n\n\n

He was one of seven expert witnesses presented by Bankman-Fried's legal team who Judge Kaplan barred from testifying but allowed to testify in the future if they responded to the testimony of government witnesses and clarified their claims.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bankman-Fried, plans to call upon a financial expert to refute the testimony of Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia. The attorneys for Sam Bankman-Fried intend to present an expert witness to refute the testimony of former Alameda Research CEO Caroline Ellison and other witnesses regarding the extent of FTX’s financial ties to […]<\/p>\n","protected":false},"author":53,"featured_media":62423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[5875,5717,16659],"class_list":["post-62407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-fraud-2","tag-ftx-2","tag-sbf-trial-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/SBF.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62407","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\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62407"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62423"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}