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🏠 CRYPTO

SBF Speaks

Former crypto kingpin SBF is a man who likes risk. How else can you describe a man who was running possibly the biggest scam since Madoff?

But deciding to testify in his trial was risky even for his crazy ass. Sure, the trial hasn’t been going great for him with every member of the FTX inner circle testifying against him, but still. Opening yourself up to cross-examination? I’ve seen enough Suits to know how this one goes. Poorly. Very poorly.

And to the surprise of literally nobody, that’s exactly how it went.

Speaking before a courtroom without jurors (the judge wants to see if the testimony is admissible first), SBF:

Blamed FTX’s lawyers for everything from FTX’s reliance on Signal to the arrangement with Alameda that ultimately sank the ship.
Couldn’t identify where it says that Alameda is allowed to spend the money of FTX’s customers.
Answered questions in such a confusing manner that the presiding Judge said he has an “interesting way of answering questions”.

After 3 long and painful hours, SBF stepped off the stand. So now it’s up to the Judge to determine what is admissible ahead of round 2 on Friday.

Too Little, Too Late: The legal community consensus is that SBF is screwed. He’s going to need to pull a miracle tomorrow if he wants to see freedom again anytime soon.

🤝 THE LATEST IN…

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