FTX insiders Gary Wang, Caroline Ellison, and Nishad Singh concluded their respective testimonies on Tuesday, as FTX founder Sam Bankman-Fried’s criminal trial progressed past a key wave of witnesses in New York. The three are key to prosecutors’ account of Bankman-Fried’s wrongdoings, to which the former crypto mogul has pleaded not guilty. Singh, Ellison, and Wang face maximum sentences of 75, 110, and 50 years of prison time, respectively. They struck cooperation agreements with the government before the trial began, hoping for more lenient sentences. Bankman-Fried is charged with seven fraud and conspiracy charges that accuse him of dipping into billions of dollars of FTX customer funds. During their testimony, the three witnesses spoke about Bankman-Fried’s approach to spending, political donations, and the flaws in Alameda’s accounting system. All three were questioned by the defense, facing Judge Kaplan’s reminders to keep their questions focused. This trial could determine whether Bankman-Fried is found guilty or not, and the fate of the three FTX insiders. #FTX #SamBankmanFried #CriminalTrial #Crypto #CryptoMogul
You can read more about this topic here: Decrypt: DOJ Used All Its Star Witnesses—What Will Sam Bankman-Fried’s Defense Do Now?