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Precedent Trial of SBF Engrosses Coinbase Executives as FTX Faces Judicial Scrutiny

by Blockchain NewsOctober 3, 2023

On the morning of October 4, 2023, a significant legal event will unfold as Judge Kaplan begins the criminal trial against Sam Bankman-Fried (SBF), a name that has become synonymous with the crypto exchange FTX. The anticipation surrounding the trial has caught the attention of top executives at Coinbase, a leading competitor to FTX. Brian Armstrong, CEO of Coinbase, and Paul Grewal, the Chief Legal Officer, shared their insights on the impending court proceedings through a series of Twitter exchanges on October 3, 2023.

Grewal, having an extensive background in federal court with over 35 jury selections to his name, expounded on his expectations regarding the jury selection process. He highlighted the seriousness with which federal judges approach jury selection, ensuring a fair trial by a jury of peers, and the emphasis on not wasting prospective jurors’ time. Moreover, he pointed out the active role federal judges play in the questioning process during jury selection, a stance differing significantly from many state courts. According to Grewal, while lawyers are naturally inclined to favor a jury beneficial to their case, federal judges strive for a balanced and fair jury.

The Twitter thread invited a comparison of civil and criminal trials’ procedural dynamics, sparking a detailed discussion among the crypto community. An account named Degens Oasis chimed in, outlining the distinct strategies and concerns in high-profile cases like that of SBF. The discussion also touched on the perceived preferential treatment towards SBF and the influence of political donations, hinting at a skepticism towards the impartiality of federal judges amidst political entanglements.

FTX Under Legal Spotlight

The trial comes at a time when FTX has been facing legal scrutiny, marking a noteworthy chapter in the crypto exchange’s journey. The judicial tussle is not only a focal point for legal analysts but also for competitors and the broader crypto community, keen on understanding the ramifications of the case on the crypto industry’s regulatory landscape.

The discourse surrounding the trial and the involvement of industry leaders like Armstrong and Grewal underscores the trial’s broader implications on the crypto sector. It brings to light the evolving legal frameworks and the pressing need for clear regulatory guidelines to foster a conducive environment for crypto enterprises.

Image source: Shutterstock

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Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit

by Blockchain NewsMarch 10, 2023

In recent news, a federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit. The judge pointed out that it is unclear whether the two sports stars have been served, and instructed the plaintiffs to provide cause as to why O’Neal and Osaka should not be dismissed from the suit. The judge gave the FTX customers until December to show cause.

In another order issued on March 9, U.S. District Judge Kevin Moore reprimanded other celebrity defendants, including Tom Brady, Gisele Bündchen, Kevin O’Leary, David Ortiz, and Trevor Lawrence, for not following proper procedure in requesting a time extension for a scheduled conference. The judge clarified that the request should have come from the plaintiff’s side, and instructed the conference to proceed as scheduled, or for the plaintiff to move for an extension of time to hold the conference.

As cases against FTX continue to pile up, some plaintiffs have requested the consolidation of lawsuits against the bankrupt exchange. However, on March 8, U.S. District Judge Jacqueline Corley denied the consolidation request, highlighting that the defendants have not yet been allowed to respond. This means that the lawsuits will proceed separately for now.

On the same day, lawyers representing former FTX CEO Sam Bankman-Fried noted that it might be necessary to push back the criminal trial scheduled to start in October 2023. While the lawyers did not formally request a date change, they pointed out that it may be needed because they are still waiting for evidence to be turned over, and Bankman-Fried accumulated more charges in February.

The FTX lawsuit was filed by customers who claimed that the cryptocurrency exchange had been involved in illegal market manipulation and trading practices that caused them financial harm. FTX has denied the allegations and filed a motion to dismiss the lawsuit. The case is still ongoing, with multiple parties involved in the proceedings.

Overall, the FTX lawsuit continues to be a complex and evolving legal matter, with various parties involved in the proceedings. The recent developments highlight the need for proper procedure and adherence to court orders, as well as the potential for further delays in the criminal trial involving former FTX CEO Sam Bankman-Fried. It remains to be seen how the case will unfold in the coming months.

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Tagged : BANKRUPT EXCHANGE / Consolidation / CRIMINAL TRIAL / DAVID ORTIZ / DISMISSAL / FORMER FTX CEO SAM BANKMAN-FRIED / Ftx Lawsuit / Gisele Bündchen / Kevin O'Leary / Naomi Osaka / News / PLAINTIFFS / SERVED / SHAQUILLE O’NEAL / Tom Brady / Trevor Lawrence / U.S. DISTRICT JUDGE KEVIN MOORE

FTX Founder’s Lawyers Consider Delaying Criminal Trial

by Blockchain NewsMarch 9, 2023

Lawyers representing Sam Bankman-Fried, the founder of FTX, have suggested that they may need to delay his criminal trial due to a lack of evidence from the DOJ. In a letter to United States District Judge Lewis Kaplan, Bankman-Fried’s lawyers stated that they are still waiting for a “substantial portion” of evidence to be turned over to them and that more charges had been laid against the FTX founder in late February.

The criminal trial, which is scheduled to begin on October 2, will focus on fraud charges brought by the DOJ. Bankman-Fried’s lawyers have not formally requested a date change, but they have stated that it may be necessary. According to the letter, prosecutors from the DOJ are holding evidence from devices belonging to Caroline Ellison, the former CEO of FTX’s sister trading firm Alameda Research, and Zixiao “Gary” Wang, an FTX co-founder. Both Ellison and Wang have pleaded guilty to fraud charges and are cooperating with the DOJ.

Bankman-Fried’s lawyers have stated that they are also waiting for contents from “computers belonging to two other former FTX/Alameda employees.” They anticipate that the evidence from these devices “will be voluminous and critically important to the defense.”

The letter also noted that Bankman-Fried was hit with new charges relating to conspiracy and fraud when a superseded indictment was unsealed on February 22. The number of charges against him was bumped up from eight to twelve. Bankman-Fried had previously pleaded not guilty to the original eight charges that were brought against him in December.

The delay in evidence being handed over to Bankman-Fried’s lawyers could have significant implications for the trial. If the defense does not receive the evidence it needs to prepare its case, it may be forced to request a delay. This would mean that the trial would not begin as scheduled on October 2.

The criminal trial against Bankman-Fried has attracted significant attention in the crypto industry. FTX is one of the fastest-growing crypto exchanges in the world, and Bankman-Fried is seen as a leading figure in the industry. The outcome of the trial could have implications for the regulation of the crypto industry, as well as for the future of FTX.

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Tagged : CRIMINAL TRIAL / DELAY / Department Of Justice / FRAUD CHARGES / FTX FOUNDER / News / Sam Bankman-Fried