Former FTX Customers and Investors to Testify Against Sam Bankman-Fried at Trial

The U.S. Department of Justice intends to call former FTX customers, investors, and cooperating witnesses to testify against Sam Bankman-Fried at trial. These witnesses will provide crucial insights into the handling of funds and interactions with the defendant.

Posted 6 months ago in Blockchain


Former FTX Customers and Investors Testify Against Sam Bankman-Fried

The U.S. Department of Justice intends to call FTX customers, investors, and cooperating witnesses to testify against Sam Bankman-Fried in his upcoming trial. The trial is scheduled to begin next week. Bankman-Fried, a onetime crypto executive, is facing charges related to his involvement with FTX, a popular cryptocurrency exchange.

The Department of Justice has stated that the testimony of these witnesses is directly relevant to the issues at trial. Witnesses can provide insights into their expectations regarding the handling of their funds by FTX. Meanwhile, cooperating witnesses can testify about their interactions with Bankman-Fried and their understanding of certain statements and actions made by him.

Additionally, the Department of Justice plans to call both retail and institutional clients who transferred significant amounts of assets to FTX. These witnesses are expected to provide testimony about the expectation that FTX would securely hold their assets. The DOJ has not disclosed the identities of these witnesses or the exact number it intends to call.

In addition to former customers and investors, the DOJ has identified three cooperating witnesses who have all pleaded guilty to charges related to FTX. These individuals include former FTX Chief Technology Officer Gary Wang, former FTX Head of Engineering Nishad Singh, and former Alameda Research CEO Caroline Ellison.

One of the anticipated challenges in obtaining witness testimony is the logistics of bringing a customer identified as 'FTX Customer-1' to the U.S. This customer resides in Ukraine and faces both legal and logistical difficulties in traveling to the courthouse in person. Due to the ongoing war in Ukraine, the customer requires government permission to leave the country and would need at least three days for travel arrangements.

The Department of Justice has requested permission to conduct the witness's testimony via video conference, supervised by a U.S. government official. However, the defense has expressed disagreement with this motion, and there is ongoing discussion regarding the manner in which the testimony will take place.

Last updated 10/1/2023, 12:34:11 PM

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