SBF Trial Goes On With Testimony From “Marc-Antoine Julliard” First Trader Witness

A london-based trader who lost $100,000 in FTX is presented as first witness to testify in trial against Sam Bankman-fried.
SBF Trial
SBF Trial

Marc-Antoine Julliard, a commodities broker located in London, is the first defendant to testify in the eagerly anticipated trial in Manhattan court against Sam Bankman-Fried (SBF).

Julliard voiced his opinions as a trader on FTX and mentioned how the cryptocurrency exchange’s high-profile marketing initiatives drew him in. He added that FTX’s numerous celebrity endorsements, media appearances, and high-end sponsorships led him to believe in the business.

He recalled that terrifying day when FTX refused to withdraw $100,000 in cryptocurrency and cash from his account. Since the exchange filed for bankruptcy, Julliard is requesting money back along with thousands of other FTX clients.

The second day of the trial was brought about by SBF’s defense after the first day, which was relatively uneventful as the judge chose potential prosecutors to proceed with.

The defense team of our darling Sam quickly claimed that employing FTX was “trader’s own choice” as the witness had just acknowledged a significant loss. Sam didn’t deceive anyone, the defense attorney Mark Cohen claimed, calling it a “hindsight case.” Cohen argued that his client’s decision to commit fraud cannot be excused by the fact that others lost money.

Cohen portrayed SBF as a startup founder without a Chief Risk Officer to control risk, which ultimately caused his ventures to fail.

Cohen asserted that there is nothing mysterious about the programming or Alameda’s unique access to funds as it was designated as the market maker entity for the cryptocurrency exchange, despite the prosecution’s assertion that Alameda was able to borrow money illegally due to a deliberately created fault in the FTX code.

Speaking of coding, Sam’s college friend and fellow developer Adam Yedida appeared in court as the second prosecution witness because he feels that he may have unwittingly contributed to the multi-billion dollar crime by writing the code.

Yedida stated in a brief message that he left FTX the day before the company filed for bankruptcy after learning that Alameda had misappropriated money from FTX clients to pay back creditors.

Yedida will be questioned more on Thursday, the third day of the trial, before the court adjourns for the day.

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