SBF trial underway, Mashinsky trial established, Binance market share shrinks: Hodler's Digest, Oct 1-7
The trial of former FTX CEO Sam SBF Bankman-Fried began on October 4 in New York after jury selection began the previous day. Assistant U.S. Attorney Thane Rehn told jury SBF used FTX client funds get rich and gain credibility among politicians through donations. The defendant blamed a crash in the cryptocurrency market. But he had committed fraud. That is what the evidence in this trial will show. You will hear from his inner circle. His girlfriend will tell him how they stole money together, Rehn said. SBF lawyer Mark Cohen said the girlfriend, former Alameda Research CEO Caroline Ellison, and Changpeng Zhao, CEO of rival cryptocurrency exchange Binance, share some of the blame for FTX's downfall. Take a look at our Detailed summary of the first week of Sam Bankman-Fried's trial.
Alex Mashinsky, former CEO of cryptocurrency lender Celsius, will be tried on fraud charges and market manipulation in September 2024, a judge decided on October 3. Meanwhile, Mashinsky will remain free on $40 million bail, subject to financial and travel restrictions. Celsius filed for bankruptcy in July 2022 and Mashinsky was arrested in July of this year. He is accused of defrauding investors of billions of dollars. The United States Commodity Futures Trading Commission, the Securities and Exchange Commission and the Federal Trade Commission also have active lawsuits against Mashinsky. Former Celsius chief revenue officer Roni Cohen-Pavon pleaded guilty to four criminal charges in September.
