At a hearing today (Wednesday), FTX co-founder Sam Bankman-Fried's defense attorney Mark Cohen countered the accusations leveled against his client, ardently arguing the government's portrayal of Bankman-Fried as a "monster" is both "wrong and unfair" and that he only made mistakes, which was not a crime.
Cohen presented a human side of the FTX founder, showcasing photos of a young Bankman-Fried with prominent figures such as Bill Clinton and candid snapshots of him sleeping on a private jet.
He highlighted trivial criticisms about Bankman-Fried's attire and hair, emphasizing that being "the worst-dressed CEO in the world" isn't a crime.
Cohen also pointed out his client's approachability, noting that Bankman-Fried was always open to speaking with any blogger.
Addressing the testimonies that painted Bankman-Fried in a negative light, Cohen questioned the credibility of the witnesses.
Many of them had traveled and worked closely with Bankman-Fried for years.
Why, Cohen said, had the government failed to explain their prolonged association if they believed him to be so "terrible?"
Cohen further sought to dismantle the government's case by addressing various points of contention.
He clarified Bankman-Fried's habit of shuffling cards was merely a way to manage his natural fidgetiness and not an implication of gambling, as was insinuated.
The defense also stressed the code changes responded to specific events and were not part of any nefarious plan.
In a poignant moment, Cohen stated, "Good faith is a complete defense. Mistakes are not a crime."
He emphasized the challenges and unpredictability of the crypto industry, drawing parallels with a book character's description of bankruptcy happening "Gradually, and then suddenly."
The defense also highlighted the undue pressure and unfair treatment Bankman-Fried faced during his testimony. Regardless of his response length or detail, the government criticized him, creating a no-win situation for the embattled entrepreneur.
Cohen painted a picture of a visionary entrepreneur who, inspired by his time at the reputable trading firm Jane Street, sought to establish a similar enterprise in the crypto realm.
This vision led to the birth of FTX.
The defense also underscored the legitimacy and success of Bankman-Fried's businesses, noting their billion-dollar valuations.
Witnesses such as Zac Prince vouched for the legitimacy of FTX and Cohen emphasized FTX's token, FTT, wasn't a sham but held genuine value.
Other testimonies, including those from Nishad Singh, affirmed the reasonability of various business decisions and investments made by FTX under Bankman-Fried's leadership.
As the trial unfolded, Cohen's defense presented an alternative narrative, urging the jury to view the case through entrepreneurial challenges.
The crypto world, with its eyes set on the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, will be closely watching the outcome of this landmark case.
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