Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday.
Enzer noted that Bankman-Fried’s attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company’s own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried’s contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government’s case; namely, that he lied about how FTX was handling customer deposits.
Show highlights:
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The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets? - Ep. 615
Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access - Ep. 614
Famed White Hat Hacker Samczsun on How to Improve Crypto Security - Ep. 613
Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again - Ep. 612
The Chopping Block: Starknet's Airdrop, Founder Challenges, and Ethena's Mainnet - Ep. 611
Why the Celestia Team Sees a Future With 10,000 Roll-Ups - Ep. 610
Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609
The Chopping Block: Navigating the New Era of Crypto Social Media with Farcaster's Insights! - Ep. 608
How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users - Ep. 607
How Crypto’s Version of 'Survivor' Ended Up With the Most Heartwarming Ending
Why One Solana Builder Is Still Optimistic About the Network - Ep. 606
The Chopping Block: Is Farcaster the Web3 Social Layer? - Ep. 605
2 Lawyers on How the U.S. Can Finally Regulate DeFi - Ep. 604
The Chopping Block: Points or Airdrops, Which Is the Better Engagement Model for Crypto Projects? - Ep. 603
Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’ - Ep. 602
A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet - Ep. 601
The Black Swan Event That Could Cause a Fork in Ethereum (Again) - Ep. 600
The Chopping Block: Data Availability & Why It’s Important - Ep. 599
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever - Ep. 598
Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597
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