FTX Clients and Investors to testify against Sam Bankman-Fried

Oct 02, 2023
Federal prosecutors plan to summon former FTX clients, investors and employees to a lawsuit against the former head of the cryptocurrency exchange, Sam Bankman-Fried.
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This information was confirmed by the Ministry of Justice on Saturday.

In the letter of Assistant U.S. Attorney Thane Rehn, it is reported that FTX clients and investors will talk about the storage of their assets. In turn, witnesses can share their experience of interacting with the defendant.

The Justice Department will contact private and institutional clients who have transferred assets worth tens of thousands USD. One of the witnesses lives in Ukraine and for logistical reasons cannot quickly come to the United States. However, the ability to testify via video link is hindered by the defense side. In this regard, the government is organizing the trip of some foreign FTX clients to testify in the courtroom.

At present, former FTX Technical Director Gary Wang, FTX Technical Department Head Nishad Singha and CEO of Alameda Research Caroline Ellison are cooperating with the investigation and have pleaded guilty.

Ryan Salame, one of FTX’s top managers, also pleaded guilty, refusing to testify afterwards.

Recall that the trial of Bankman-Freed will begin this week, and the jury selection process will start on October 3.