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CoinDesk Podcast Network

UNCHAINED: Did Sam Bankman-Fried Have Intent to Defraud FTX Investors?

CoinDesk Podcast Network

CoinDesk

Tech News, Business News, Daily News, News

4.7698 Ratings

🗓️ 6 October 2023

⏱️ 50 minutes

🧾️ Download transcript

Summary

Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the prosecution and defense’s impassioned opening statements and surprising witness testimonies that are piecing together how FTX came crashing down.  The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm cofounder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights |  What Josh's biggest takeaways from the trial are so far Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case Whether the different backgrounds of the jury will affect the outcome of the trial Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud How the defense plans to argue that SBF did not intend to defraud investors Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh What is the fiat@ftx.com account and how it contributed to FTX’s undoing How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time What an email revealed about the lack of corporate governance in FTX and Alameda Thank you to our sponsors!  Crypto.com  |  Hedera  |  Popcorn Network Guest |  Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters Previous appearances on Unchained: Gary Gensler vs. Crypto: What Will the SEC Attack Next? How Crypto And Blockchain Technology Should Be Regulated Links | Previous coverage by Unchained on the trial of Sam Bankman-Fried: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial - Unchained Podcast is Produced by Laura Shin Media, LLC.  Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

Thanks for listening to Unchained, your no-hype resource for all things crypto, on the Coin Desk

0:05.3

Podcast Network. You can also listen to the episodes on the Unchained feed earlier if you subscribe

0:10.9

there. Plus, check out all our content on our website, Unchained Crypto.com.

0:16.5

But I think for the prosecution, I mean, what they're trying to show is, no matter that it's a highly technical area, the allegations are this is simple fraud, right?

0:28.0

This is untruths. This is misstatements. And this is, you know, inducing people to trust or to invest or do other things on false, you know, pretenses.

0:42.9

Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,

0:48.0

Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as the senior

0:53.6

editor of Forbes was the

0:55.0

first Main Tree Meterporter to cover cryptocurrency full-time. This is the October 6th,

0:59.5

2023 episode of Unchained. Thinking of launching your own stablecoin, start with the open source

1:05.1

stablecoin studio toolkit on Hedara. Start your journey at Hedera.com slash unchained.

1:11.4

Shape tomorrow today.

1:13.1

VaultCraft by popcorn is your no-code defy toolkit for building automated, non-custodial

1:18.5

yield strategies.

1:19.8

Learn more on vaultcraft.io about how you can supercharge your crypto portfolio.

1:24.7

With the crypto.com app, you can buy, trade, and spend crypto in one place.

1:29.3

Download and get $25 with the code Laura. Link in the description. Today's guest is Joshua

1:36.1

Clayman, Senior Council, U.S. head of fintech and head of blockchain and digital assets at Linklators.

1:41.7

Welcome, Josh. Thanks, Laura. It's great to be here. This week saw the

1:46.4

beginning of the criminal trial of the United States versus Sam Bankman-Fried. We are recording

1:51.4

on Thursday afternoon, and you and I were together in the courtroom, or at least in the overflow

1:58.0

room, I guess. So what are your biggest takeaways from the trial so far?

...

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