FTX Case: Here’s Everything You Need To Know About The Trial Scheduled For October

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The trial of SBF, ex-CEO of FTX, is scheduled for October, but his lawyers defend the idea that the man would have acted in good faith. For now, here’s what you need to know about the most anticipated lawsuit in the crypto sphere.

Lawyers for ex-FTX CEO face 7 charges

Recently, the judge wanted to prevent SBF from talking to the media. The idea then arose from documents forwarded by the man to Caroline Ellison. Last Monday, new jury instructions for the trial scheduled for October were filed by the US Department of Justice.

The document entitled “The government’s indictments  ”, filed by the prosecutors sets out in detail the various charges. It also includes the reasons why, according to them, SBF should be charged.

The document also echoes statements made by Judge Lewis Kaplan, handling the FTX case. It is he who will have to decide on the fate of SBF next October.

SBF will have to answer on 7 counts:

• 2 counts of wire fraud
• 2 counts of conspiracy to commit wire fraud
• Conspiracy to commit security fraud
• Conspiracy to Commit Commodity Fraud
• Conspiracy to commit money laundering

For most of the charges, the ex-CEO of FTX has already pleaded not guilty. The document, moreover, details the differences between substantive crimes and conspiracy crimes.

The trial of the FTX case is approaching, what should we expect?

Shortly after, SBF’s lawyers filed another document relating to the defense of the accused. In it, the magistrates seek to argue that the man honestly believed that his use of the funds was in no way unlawful.

The filings also suggest that his behavior should be viewed as honest errors of judgment and mismanagement rather than a crime:

“If Mr. Bankman-Fried acted in good faith with respect to the use of FTS client funds and with the belief that, from a business perspective, FTX would be able to meet all client withdrawal requests , he did not act with the specific intent to defraud. […] It is also irrelevant whether you believe that certain behaviors should have been regulated even if they were not regulated at the time. »

SBF will be judged at the beginning of October. Judge Kaplan had revoked his bond, ruling that the ex-FTX CEO violated bail conditions by contacting FTX.