- October 24, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The attorneys of Sam Bankman-Fried have announced their intention to call on a prominent financial expert to stand as a witness in the former FTX CEO’s ongoing case to provide more insight into the exchange’s financial database information.
Key Witness To Join Sam Bankman-Fried Legal Defense
In the ongoing trial between former CEO and Founder of failed FTX exchange, Sam Bankman-Fried, and the United States Department of Justice (DOJ), Attorneys of the founder have revealed plans to bring in a new witness, Joseph Pimbley, a Financial Consultant at Principal of Maxwell Consulting.
The trial in question revolves around allegations and accusations against Bankman-Fried, who was charged with multiple counts of fraud and money laundering.
On Monday, October 23, Bankman-Fried’s attorneys submitted a letter to the Senior Judge of the US District Court for the Southern District of New York, Lewis A. Kaplan. In the letter, the attorneys stated their intention to call on Pimbley to testify.
The letter also highlighted the Financial Consultant’s expertise in analyzing complex data which would be required to examine FTX database information.
Pimbley’s testimony will also shed light on the intricate interactions between Alameda Research and FTX, while also attempting to debunk testimonies from key witnesses of the prosecutors including former Alameda CEO, Caroline Ellison, former Co-founder, Gary Wang, former Executive, Nishad Singh and former employee, Adam Yedidia.
According to the attorneys, Pimbley will testify on his opinion based on the line of credit used by Alameda Research which fluctuated between $1 billion to $3 billion between October 2021 and September 2022.
The financial consultant’s testimony will also delve deeply into the distribution of cryptocurrency balances within the exchange, specifically “non-FTX and non-Alameda users concentrated in just four coins (USD, BTC, ETH, and USDT).”
FTX 2.0 Update Expected Following Kevin Cofsky’s Testimony Today
Kevin Cofsky, investment banker and partner in Perella Weinberg Partners’ Advisory business is scheduled to testify today, October 24. This hearing may become a pivotal moment in the ongoing trial with the FTX Founder.
While the specifics of the trial have not been fully disclosed, many crypto enthusiasts and individuals affiliated with the crypto exchange are looking forward to more information and details on the worth of the exchange’s customer base which could potentially change the dynamics of the ongoing case.
The trial between Bankman-Fried and the US DOJ is set to continue on October 26, and new insights and revelations may emerge as Bankman-Fried’s lawyers prepare to provide more compelling witnesses and evidence in favor of the former FTX CEO’s defense.
