FTX Founder Sam Bankman-Fried Testifies in Trial, Defense Relies on Document Retention Policy
FTX founder Sam Bankman-Fried (SBF) testified on October 26, providing insight into the defense’s line of argument in the ongoing trial. Bankman-Fried’s lawyers focused on a specific document that could potentially exonerate the defendant. The document in question is a ‘Document Retention Policy’ drawn up by the law firm Fenwick and West, specifically by Dan Friedman.
According to Mark Cohen, Bankman-Fried’s primary counsel, the defense intends to use this policy to justify why certain correspondence between the defendant and his former associates was on auto-delete. Bankman-Fried mentioned that informal conversations on the Signal platform, which they used for communication, could be set to auto-delete in accordance with the policy. He emphasized the importance of encryption due to previous hacking incidents and the need to prevent data leaks or former employees selling data to competitors.
Bankman-Fried believes that he acted in accordance with the policy, as the informal chats on Signal did not form part of formal decisions taken by the company. However, despite the document’s significance to their case, the defense has been unable to access it. The law firm Fenwick and West has not produced the document, as they have not received a subpoena.
The decision to have Bankman-Fried testify in his own defense was previously seen as crucial to the case. It was hoped that his testimony could sway the outcome in his favor. However, it appears that his testimony may have done more harm than good. Bankman-Fried seemed to lose his composure during cross-examination, providing vague answers and frequently stating that he was not entirely sure or did not recall specific details.
The trial continues, and the defense’s reliance on the Document Retention Policy remains a key aspect of their argument. However, the inability to access the document raises questions about its potential impact on the case.
Sources:
– Inner City Press: [Link]
– NewsBTC: [Link]
– Bitcoinist: [Link]
– Fox Business: [Link]
– Shutterstock: [Link]
– Tradingview.com: [Link]
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