👀Not Quiet on the SBF Trial Front

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• ⚖️Not Quiet on the SBF Front

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UPDATES FROM THE TRIAL

SBF’s trial continues, and with it, the torrent of news and novel insights into what was going on within the accursed company.

So, Sam Bankman-Fried, the co-founder of FTX (if it’s still possible to not be aware of this fact), has requested long-release Adderall medication to enhance his focus during his ongoing criminal trial in the United States.

The legal team cited Bankman-Fried's struggle to concentrate adequately during the trial due to the absence of his prescribed stimulant medication. They expressed concerns that without this medication, he might not be able to "meaningfully participate" in presenting his defense as the trial nears a crucial phase, including the decision on whether he will testify.

Despite his best efforts to remain focused during the trial, Bankman-Fried has faced challenges without the required medication, as indicated in the letter. His lawyers emphasized that even if he takes the requested medication, there's uncertainty regarding its effectiveness. Well, one could doubt that this is the only problem…

Judge Kaplan had previously granted a motion to allow Bankman-Fried access to Adderall and anti-depressant medication while in prison, considering his history of major depressive disorder and attention deficit hyperactivity disorder (ADHD) and his psychiatric care since early 2019. However, his lawyers raised concerns about the lack of access to Adderall shortly after the approval, noting that he had gone without it for 11 days.

So that’s something about SBF himself. It’s not difficult to imagine that a situation like this could be rather anxiety-inducing. But… There might be different motives hiding behind such claims.

But there’s more news from the courthouse front. For example the fact that a former FTX engineering director testified, and, thus, is potentially facing prison time.

Nishad Singh is facing the prospect of up to 75 years in prison following a guilty plea as part of an agreement with prosecutors. Singh's testimony is seen as a crucial element in the prosecution's strategy to establish Sam Bankman-Fried's involvement in Alameda Research's use of FTX user funds.

Singh's guilty plea to fraud charges, announced in February, has led to him revealing details of his agreement with the United States Justice Department. During his testimony on October 16, Singh disclosed the gravity of his potential sentence for charges related to defrauding users of the crypto exchange.

He testified that FTX had entered into endorsement deals worth around $1.3 billion with celebrities and sports figures, such as Tom Brady, Gisele Bündchen, and Steph Curry, before the crypto market crash in 2022.

Singh also mentioned that Alameda Research had borrowed $13 billion from the crypto exchange, information that appeared unsurprising to Bankman-Fried.

According to Singh, Bankman-Fried had suggested investing $120 million in purchasing the messaging app Telegram, and Alameda had sent FTX user funds specifically for making donations to political campaigns.

When liquidity issues began plaguing FTX in November 2022, Singh experienced severe distress, stating that he "had been suicidal for some days" due to alleged inconsistencies between the exchange's public statements and its undisclosed activities.

Singh's testimony was presented on the ninth day of Bankman-Fried's criminal trial, which commenced in New York on October 3. Before the midday break on October 16, Singh detailed how SBF would sometimes spend Alameda's money unilaterally and in an excessive manner, including investments in artificial intelligence startup Anthropic and the firm K5 Global.

Bankman-Fried currently faces seven counts related to fraud in his first criminal trial and an additional five counts in a second trial scheduled to begin in March 2024. He has entered a plea of not guilty to all charges.

TL;DR: Sam Bankman-Fried has sought long-release Adderall medication to bolster his focus during his ongoing US criminal trial, as his legal team cites his struggle to concentrate effectively without it. Meanwhile, a former FTX engineering director, Nishad Singh, faces potential imprisonment after revealing critical insights into the case, implicating Bankman-Fried's involvement in the use of FTX user funds by Alameda Research and shedding light on significant financial dealings within the crypto exchange.

BITE-SIZED NEWS

• Gaming Giant Roblox Enables XRP Transactions for In-Game Payments. The online gaming giant with a monthly user base exceeding 200 million has opened its doors to XRP as a payment option.

• Luxury Carmaker Ferrari to Accept Bitcoin, Ether, and USDC Payments in the US. Ferrari has announced it will start accepting cryptocurrencies for its high-end sports cars in the United States.

• New EtherHiding Method Bypasses Blockchain Security Protocols. Dubbed "EtherHiding," this new method raises concerns about the vulnerability of blockchain-based systems.

Sounds interesting? Find more crypto news on our website: 

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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.