Market News- Bankman-Fried argues documents may prove he acted on legal counsel.
- The costs involve the alleged misappropriation of billions in customer funds.
- Prosecutors dismiss Bankman-Fried’s argument as meritless, affirming their accusations.
Within the latest twist from the high-stakes legal fight, Mike Bankman-Fried, the founding father of the now-defunct FTX cryptocurrency exchange, is relying on an unconventional strategy. Based on recent court filings, Bankman-Fried demands use of documents in the legal advisory firm that when offered his platform.
Particularly, the previous crypto Chief executive officer needs documents associated with Fenwick’s suggestions about critical facets of the government’s situation. Included in this are disappearing messaging services and also the failure to join up properly with regulators, both issues central towards the government’s charges.
According to reports, Bankman-Fried contends these documents could bolster his defense, possibly demonstrating his actions informed legally. He maintains he didn’t consciously violate what the law states. This places the onus on Manhattan federal prosecutors to show he was conscious of his illegal conduct.
Bankman-Fried Charged with Swindling Billions
The costs against Bankman-Fried focus on allegations he stole vast amounts of customer funds to offset losses in the hedge fund, Alameda Research. The domino aftereffect of his high-stake cryptocurrency gambles brought towards the subsequent collapse of both Alameda and FTX this past year.
This saga required an unpredicted twist when Bankman-Fried requested prosecutors release documents that contains Fenwick’s legal counsel. This evidence, he argues, would showcase he acted under guidance from Fenwick and therefore believed his actions were legal.
Yet, the prosecutors aren’t swayed. They label his assertions as “meritless,” quarrelling that his purported crimes fall squarely inside the violations he’s charged with. To conclude, the trial, scheduled for October second, will unquestionably be considered a watershed moment within the good reputation for crypto legal dramas.
