The drama in the courtroom hit a new peak on day 13 of Sam “SBF” Bankman-Fried’s trial, with attendees eagerly anticipating each development, only to find themselves caught in a monotonous loop of legal banter.
Both the defense and prosecution seemed to be stuck in a relentless cycle of objections, queries, and side conversations, prompting District Court Judge Kaplan to intervene, urging the lawyers to cut to the chase and keep the ball rolling.
The prosecution wrapped up their case in the early hours, presenting FBI Agent Mark Troiano as their final witness.
His testimony shed light on the extensive communication networks involving SBF, exposing over 300 Signal groups with the auto-delete feature turned on, a detail that raised eyebrows and left a lingering sense of intrigue.
Delving into the Details: Witnesses Take the Stand
The defense’s response was swift and strategic, calling upon Bahamas attorney Krystal Rolle to the witness stand.
Rolle, who had represented both SBF and FTX in November 2022, recounted her involvement in crucial meetings with the Securities Commission of the Bahamas following the collapse of FTX.
Her revelation that all digital assets under FTX’s control were transferred to the Bahamas regulator on the day a court order was issued added a new layer to the unfolding saga.
Joseph Pimbley, a financial consultant boasting a Ph.D. in physics, was next to testify, bringing his analytical prowess to dissect FTX’s code and database.
His findings highlighted that FTX held assets exceeding $5.8 billion in November of the previous year, excluding balances from FTX entities or Alameda Research.
However, the prosecution was quick to point out that FTX’s database did not accurately reflect its bank accounts, casting a shadow of doubt and raising more questions than answers.
SBF Under Oath: A Tense Testimony
With the jury momentarily excused, SBF took the stand, delivering a testimony that was both anticipated and peculiar.
The former FTX CEO addressed questions regarding his use of Signal and the retention of communications data at the crypto exchange, asserting that he adhered to company policies and that the auto-delete feature was not a conduit for major decisions.
The focus then shifted to North Dimension, an alleged “shadow entity” supposedly used for laundering customer funds.
SBF admitted to signing the papers for its establishment, though he claimed to have done so without scrutinizing the details, placing his trust in Dan Friedberg, the former chief regulatory officer.
“Was it legal to channel FTX deposits through Alameda?” defense attorney Mark Cohen inquired, to which SBF confidently replied, “I believed it was.”
As the session progressed, the courtroom dynamics took an unexpected turn. Instead of the usual direct and cross-examination, Judge Kaplan initiated a hearing to resolve the disputes over parts of SBF’s testimony that the prosecution had objected to but the defense wished to retain.
The judge declared that his final ruling on what the jury would be allowed to hear would be made the following morning.
In a day filled with legal jargon, technical financial analyses, and a labyrinth of communications details, the courtroom drama surrounding SBF’s trial intensified.
With the former CEO’s fate hanging in the balance, the proceedings left an indelible mark, serving as a stark reminder that the road to truth and justice is anything but straightforward.
