Last updated on November 2, 2023
The prosecution in Sam Bankman-Fried’s case is expected to rest its case on October 27, and it is uncertain whether or not his defense lawyers will put up a case. The defense team, led by Mark Cohen, is still considering whether or not to present a defense and what nature it would take. However, they are currently on the back foot as the prosecution has successfully established allegations of fraud against Bankman-Fried.
The defense had hinted at their strategies, including arguing that Bankman-Fried acted in good faith and that the loans to Alameda were permitted. They also planned to blame Alameda’s ex-CEO, Caroline Ellison, by stating that Bankman-Fried had advised her to hedge against the fall in crypto prices, which she failed to do. However, these arguments seem to be ineffective, as the defense failed to create any holes in the prosecution’s case and could not undermine Ellison’s credibility.
The defense’s request to provide evidence of Anthropic’s value to show profitability in some of Bankman-Fried’s investment ventures has been denied by the judge. Additionally, the defense’s demand for Bankman-Fried’s medication during the trial has been rejected. It is unlikely that the defense will want Bankman-Fried to testify if he cannot “meaningfully participate without the drugs” as it could be disastrous to their case. Any misstatement made by Bankman-Fried under cross-examination could further damage his chances of avoiding prison.
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