Key Witness To Join Sam Bankman-Fried Legal Defense
In the ongoing trial between former CEO and Founder of failed FTX exchange, Sam Bankman-Fried, and the United States Department of Justice (DOJ), Attorneys of the founder have revealed plans to bring in a new witness, Joseph Pimbley, a Financial Consultant at Principal of Maxwell Consulting. This move aims to provide more insight into the exchange’s financial database information.
The trial revolves around allegations and accusations against Bankman-Fried, who was charged with multiple counts of fraud and money laundering.
Bankman-Fried’s attorneys submitted a letter to the Senior Judge of the US District Court for the Southern District of New York, Lewis A. Kaplan, stating their intention to call on Joseph Pimbley as a witness. Pimbley is known for his expertise in analyzing complex data, which will be valuable in examining FTX database information.
Pimbley’s testimony will also address the interactions between Alameda Research and FTX, while attempting to debunk testimonies from key witnesses of the prosecutors, including former Alameda CEO Caroline Ellison, former Co-founder Gary Wang, former Executive Nishad Singh, and former employee Adam Yedidia.
According to the attorneys, Pimbley will testify on his opinion based on the line of credit used by Alameda Research, which fluctuated between $1 billion to $3 billion between October 2021 and September 2022.
The financial consultant’s testimony will also delve into the distribution of cryptocurrency balances within the exchange, specifically non-FTX and non-Alameda users concentrated in just four coins (USD, BTC, ETH, and USDT).
FTX 2.0 Update Expected Following Kevin Cofsky’s Testimony Today
Kevin Cofsky, an investment banker and partner in Perella Weinberg Partners’ Advisory business, is scheduled to testify today. This hearing may be a pivotal moment in the ongoing trial with the FTX Founder.
The trial between Bankman-Fried and the US DOJ is set to continue on October 26, and new insights and revelations may emerge as Bankman-Fried’s lawyers prepare to provide more compelling witnesses and evidence in favor of the former FTX CEO’s defense.
FTT Token stands at $1 | Source: FTTUSDT on Tradingview.com
Featured image from New York Daily News, chart from Tradingview.com
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