Federal Criminal Trial

Counsel agreed on initial juror screening, the court deferred a remote-witness decision, and Samuel Bankman-Fried was advised that the choice whether to testify was his alone.

A jury was sworn before the government and defense presented competing accounts of FTX's collapse. Marc-Antoine Julliard testified about his deposits and failed withdrawals, and Adam Yedidia began testimony about his work at FTX, his resignation, and his immunity order.

Adam Yedidia testified about customer deposits routed through an Alameda-controlled account, an approximately $8 billion liability after a bug fix, deleted Signal messages, and why later information prompted his resignation. Matthew Huang described Paradigm’s diligence, while Gary Wang admitted fraud and testified that FTX code gave Alameda exceptional access to customer funds.

Gary Wang described Alameda’s code-based privileges, FTX balance shortfalls, and post-bankruptcy transfers. On cross-examination, he addressed Alameda’s operational roles, the purposes offered for its credit and liquidation settings, and his reliance on Bankman-Fried’s judgment.

Gary Wang's cross and redirect examined Alameda's balances, special FTX privileges, promissory notes, and cooperation. Caroline Ellison then began direct testimony about customer funds, Bankman-Fried's role in major decisions, and Alameda's investment risks.

Caroline Ellison testified about Alameda’s lender repayments, balance-sheet presentations, public assurances, and FTX’s withdrawal shortfall. Cross-examination began, and the court limited China-related evidence and barred proposed Anthropic questioning of Ellison.

Caroline Ellison's cross-examination and redirect addressed her cooperation agreement, Alameda's balance sheets, recalled loans repaid with FTX customer funds, and statements to employees. The court admitted all-hands meeting excerpts, Christian Drappi described Alameda operations and the November meetings, and Zac Prince testified about BlockFi's unpaid Alameda exposure.

Zac Prince described BlockFi's loans to Alameda, its reliance on unaudited financial information and collateral, and the Alameda loans and FTX assets he said preceded BlockFi's bankruptcy. Cross-examination addressed internal risk concerns, exception approvals, and a proposed loan Prince said BlockFi did not make; separately, the court sought an update on a planned extended-release Adderall arrangement for Bankman-Fried.

Tareq Morad described funding his FTX account, his expectations for deposited assets, and a failed withdrawal. Nishad Singh admitted criminal conduct and testified about Alameda's account privileges, the customer-fund deficit, backdated entries, and public assurances. The court declined a medication-related adjournment request.

Nishad Singh’s cross-examination and redirect addressed Alameda’s borrowing, the fiat@ftx accounting bug, political-donation funding, and his purchase of an Orcas Island home. The court also considered disputes over exhibits for proposed financial testimony. FBI agent Richard Busick explained cell-site location analysis and acknowledged that the records could not identify the phone’s user.

Katz addressed FTX’s congressional claims, Easton presented and defended his fund-tracing analysis, and records witnesses introduced metadata, messages, and political-spending charts subject to stated limits.

Can Sun testified about FTX's customer-asset representations, Alameda's special account treatment, a $7 billion withdrawal shortfall, and his search for legal explanations. Third Point investor Robert Boroujerdi described the firm's understanding of FTX and Alameda, its investment decision, and the loss of its $60 million investment.

The government rested, and the court denied the defense's Rule 29 motion. The defense called Krystal Rolle and Joseph Pimbley before Bankman-Fried testified outside the jury's presence during an admissibility hearing.

The court declined to bar use of Bankman-Fried's prior hearing testimony and limited the proposed attorney-involvement evidence. On direct examination, Bankman-Fried denied fraud, acknowledged FTX's risk-management failures, and described Alameda's account privileges, customer fiat deposits, and an $8 billion balance he said surprised him.

On direct examination, Bankman-Fried described Alameda's liabilities, FTX's November withdrawal crisis, emergency financing efforts, and post-bankruptcy events. Cross-examination contrasted his public statements with private messages and evidence about Alameda's credit line, liquidation treatment, financial condition, and disclosures.

Bankman-Fried completed cross-examination and redirect testimony concerning customer deposits, Alameda borrowing, liquidity, and risk controls. The defense rested, the court denied the renewed acquittal motion, and the parties completed a charge conference.

The government argued that Bankman-Fried knowingly directed the misuse and concealment of FTX customer assets, while the defense attributed the collapse to operational failures and disputed proof of criminal intent.

The prosecution delivered its rebuttal, and the court instructed the jury and corrected portions of the charge. After deliberations, the jury returned guilty verdicts on all seven counts, which each juror confirmed when polled.