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Welcome to the SBF trial, a CoinDesk Podcast Network newsletter bringing you daily insights from inside the courtroom where Sam Bankman-Fried will try to stay out of prison.

Follow the CoinDesk podcast network to get the audio each morning with content from the Koyn Desk

regulation team and voiced by Wondercraft AI. Phase one of the trial was exciting. Former

FTX Exchange Insiders told a jury that Sam Bankman-Fried had directed them to let his hedge fund,

Alameda, borrow billions of dollars from exchange customers in a secret arrangement

facilitated through internal backdoors and hidden behind falsified documents. We seem to be moving

into phase two now, with witnesses who played secondary roles in this massive alleged fraud.

Friday's testimony from BlockFi CEO, Zach Prince, was important, but, dare I say, almost boring.

He and other upcoming witnesses are not likely privy to salacious details like Sam told me to commit crimes.

There are two exceptions, which we'll get to below.

But our next few witnesses are customers, an FBI agent, and an Alameda employee who may or may not have also been an FTX U.S. Human Resources employee.

So let's talk about the defense again instead.

...