DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management

The Department of Justice (DOJ) has confirmed its intention to summon previous FTX customers, investors and personnel as witnesses in the approaching trial including Sam Bankman-Fried, the previous FTX CEO.The DOJ sent a letter motion in limine on Sept. 30 explaining the witnesses it intends to call concerning FTXs treatment of customer assets.The testimonies mean to provide point of views on the interactions in between the accused and the witnesses. It also aims to get the witnesses understanding of Bankman-Frieds remarks and conduct, particularly relating to FTXs property management. The DOJ plans to highlight the experiences of retail and institutional customers who delegated significant possessions to FTX, believing that the platform would secure them securely.Court filing in the United States District Court for the Southern District of New York. Source: CourtListenerFurthermore, a scenario has emerged concerning among the DOJs witnesses, “FTX Customer-1,” who resides in Ukraine. Provided the continuous dispute in Ukraine, traveling to the U.S. to supply testament is related to difficulties. The DOJ has actually recommended using video conferencing as a feasible option. However, Bankman-Frieds defense has actually not yet authorized this proposal.Nonetheless, the legal group representing Bankman-Fried, led by lawyer Mark Cohen, has actually voiced concerns about the jury questions put forth by the DOJ. According to Bankman-Frieds defense, these interrogations insinuate regret on Bankman-Frieds part, possibly undermining the concept of “innocent until tested guilty.”Related: Sam Bankman-Frieds legal representative challenges United States govt proposed jury questionsAdditionally, the defense contends that these inquiries may not efficiently reveal the jurors intrinsic predispositions, especially associated to their encounters with cryptocurrencies. Specific concerns could accidentally guide the jurys point of view instead of generating genuine insights, perhaps compromising the trials impartiality.With the jury choice arranged to begin on Oct. 3, closely followed by the trial, the spotlight is on this high-stakes legal confrontation.Magazine: Deposit threat: What do crypto exchanges actually do with your money?