Former FTX CEO Sam Bankman-Fried has expressed frustration with the late production of evidence in his upcoming criminal trial, where he faces multiple fraud charges, as well as allegations of illegal political donations and bribes to the Chinese government. According to his lawyers, prosecutors have not yet turned over the contents of five electronic devices that were due for discovery by the end of March. Among these devices are a laptop and iPhone belonging to former Alameda Research CEO Caroline Ellison, and a laptop belonging to FTX co-founder Gary Wang.
As the trial date approaches, Bankman-Fried’s defense team is concerned that the late production of such crucial evidence will impact their preparation for the case. While the former FTX CEO does not want to adjourn the trial, his lawyers have indicated that additional motions may be filed if new evidence warrants them.
Meanwhile, FTX bankers have been reportedly working on cashing out shares in AI startup Anthropic, in which the bankrupt exchange held $500 million worth of stock at the time of its bankruptcy in November 2022. The investment banking firm Perella Weinberg has been “teasing the sale of hundreds of millions of dollars of shares” in Anthropic to potential investors, according to a report by Semafor. With the AI boom in full swing, the value of Anthropic’s stock is likely to have increased significantly since FTX’s bankruptcy.
On the other hand, concerns have been raised about the potential impact of late evidence production on the defense team’s ability to prepare for the trial. According to the letter sent by Bankman-Fried’s lawyers to United States District Judge Lewis A. Kaplan, over 3.6 million documents have yet to be produced, totaling more than 10 million pages. The defense argues that these late productions have a cumulative effect on their ability to properly prepare for trial.
While the production of late evidence remains an issue, interest in the AI sector remains high. Anthropic recently raised $450 million in its latest Series C funding round, achieving a reported valuation of $4.6 billion.
In conclusion, the upcoming trial of former FTX CEO Sam Bankman-Fried has been marked by frustrations surrounding the late production of key evidence. While the defense team grapples with these challenges, FTX investors are eyeing a potential windfall in the booming AI sector. As the trial date nears, it remains to be seen how these factors will play out and impact the final outcome of the case.
Source: Cointelegraph
