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Sam Bankman-Fried- Case Archive
personpersonMarc-Antoine JulliardMarc-Antoine JulliardLondon-based commodities trader specializing in cocoa brokerage who held an account on FTX.← All People
Witness

Marc-Antoine Julliard

London-based commodities trader specializing in cocoa brokerage who held an account on FTX.

AppearedFederal Criminal Trial
186 lines·10 proceedings·4 mentions

About

Marc-Antoine Julliard testified for the prosecution on Day 2 about opening and using an FTX account. He described considering the exchange's size, investors, marketing, leadership, interface, fees, and trading platform before becoming a customer in spring 2021.

Julliard said he principally funded the account through wire transfers, traded on the spot market, and avoided margin and lending products. He testified that he deposited 110,000 pounds during a period in 2022 and understood the Bitcoin and dollars displayed in his wallet to be his assets, subject to his control over withdrawals rather than use or lending by FTX.

Julliard said November statements describing withdrawal delays as technical and assuring customers that assets remained available led him to wait. On November 8, he requested withdrawals of about $20,000 and one Bitcoin. He testified that the requests were not processed and that the deposits shown in his account records were never recovered. The court instructed that his recollections of videos, company bailouts, and related reports were admitted only to explain their effect on his actions and knowledge, not for their truth.

On cross-examination, Julliard acknowledged that cryptocurrency was unregulated and risky, that he had placed a significant amount of savings on FTX, and that he received terms of service he could not recall reviewing. He also acknowledged that he had not tried to withdraw funds before November 2022 and had no prior personal contact with Samuel Bankman-Fried. He rejected a proposed estimate that 70 percent of his savings was on FTX and described advertising and institutional investment as contributing considerations rather than sole reasons for choosing the exchange. On redirect, he distinguished accepting Bitcoin price volatility from anticipating that FTX might take and spend assets displayed in his account, a risk he said he had not considered.

Trial Record (10)

FederalFederal Criminal TrialOct 3, 2023 – Nov 2, 2023Called by prosecution

Marc-Antoine Julliard testified about researching FTX, depositing substantial funds, relying on November assurances, and making withdrawal requests that he said were not processed. Cross-examination tested his awareness of cryptocurrency risk and reasons for choosing FTX, while redirect distinguished market volatility from the risk that the exchange might spend customer assets.

Day 2

DirectMarc-Antoine Julliard — DirectMarc-Antoine JulliardDanielle Kudla9highlights133lines spoken

Summary

Marc-Antoine Julliard testified that FTX's reputation and November 2022 assurances influenced his decisions to deposit substantial funds and delay withdrawing them, after which his withdrawal requests were never processed.

Highlights (9)

Quote“I was about to commit significant amounts of money to trading cryptocurrencies, and I wanted to be sure of what I was dealing with, so I wanted to assess the exchange.”— Marc-Antoine JulliardJulliard described undertaking research because he anticipated committing substantial funds, establishing the basis for his account-selection testimony.Open in transcript →
testimony highlightAfter the court and counsel clarified the display of Government Exhibit 426, Julliard identified it as his deposit-history screenshot and testified that he deposited 110,000 pounds between April 20 and May 12, 2022, a sum he described as huge for him.Open in transcript →
admissionJulliard testified that he understood he could withdraw his account balance at any time, did not expect others to use his deposits, and deliberately avoided products that involved lending cryptocurrency.Open in transcript →
Quote“Well, it was essential. I wouldn't put money somewhere if I couldn't take it back with me.”— Marc-Antoine JulliardJulliard stated that the ability to withdraw his deposits at a time of his choosing was essential to his decision to place money on FTX.Open in transcript →
Show all 9 highlights
Quote“If I trade, I'm responsible of my own decisions and I bear the consequences. I had the strategy. I was prepared for——I knew how it was calculated and for what period of time. If someone else trades on my behalf, all for themselves and face consequences, that's not the consequences of my actions. If money is lost, I'm not responsible for it. That's not what I signed up for.”— Marc-Antoine JulliardJulliard distinguished the trading risks he accepted from the possibility that another party could use and lose his deposits.Open in transcript →
rulingAt the defense's request, the court instructed the jury that Julliard's recollections of news about company bailouts and related matters were admitted for their effect on his actions and knowledge, not for their truth.Open in transcript →
testimony highlightJulliard testified that November 6 and 7 posts led him to understand that withdrawal delays were technical and that customer money remained available; he did not withdraw on either day.Open in transcript →
Quote“Money was there, it was fine, technical——technical difficulties, wait for the dust to settle, just sit and wait.”— Marc-Antoine JulliardJulliard summarized his understanding of Sam Bankman-Fried's November 7 posts and why he did not withdraw that day.Open in transcript →
emotional momentJulliard described attempted withdrawals of about $20,000 and one Bitcoin on November 8, 2022. He said neither request was processed, that he became extremely anxious, and that he had never recovered the deposits shown in the exhibit.Open in transcript →
RedirectMarc-Antoine Julliard — RedirectMarc-Antoine JulliardDanielle Kudla1highlight4lines spoken

Summary

Julliard distinguished Bitcoin's price volatility from the risk that FTX might spend his funds, which he believed belonged to him.

Highlights (1)

testimony highlightJulliard distinguished Bitcoin's price volatility from the possibility that FTX could spend his funds, saying he had not considered that risk and believed the Bitcoin and dollars in his account belonged to him.Open in transcript →

Day 16

Day 18

Day 19