Sam Bankman-Fried’s defense counsel found case ‘almost impossible to win’ Sam Bankman-Fried’s defense counsel found case ‘almost impossible to win’
Between incriminating insider testimony and an uncooperative defendant, Stanford's David Mills recalls having little confidence in SBF's ability to win his case.
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Updated: Dec. 12, 2023 at 4:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
David Mills, the Stanford University law professor who oversaw Sam Bankman-Fried‘s (SBF) defense during his recent fraud trial, acknowledged that the case was “almost impossible to win” during a Dec. 12 interview with Bloomberg.
According to Mills, the prosecution’s robust lineup of witnesses, which included key FTX insiders like Caroline Ellison, Gary Wang, and Nishad Singh, significantly tilted the case against the fallen crypto mogul.
“I thought it was almost impossible to win a case when three or four founders are all saying you did it. Even if theyโre all lying through their teeth, itโs really, really hard to win a case like that.” Mills remarked.
Mills also characterized SBF as a problematic witness under cross-examination, highlighting that SBF repeatedly disregarded legal counsel’s strategies for addressing questions during the cross-examination process.
Mills underscored the importance of his proposed defense strategy for SBF, which was to acknowledge the allegations against him, hinting at a compelling narrative that could unfold from this admission. Mills acknowledged that Bankman-Fried had difficulty accepting this strategy. The challenge of opposing the testimonies of five individuals with just one counter-argument became even more strenuous due to SBF’s frequent straying from the prearranged defense strategy.
SBF’s trial occurred in October, nearly a year after FTX’s bankruptcy filing. The exchange founder was found guilty on all seven counts and faces more than 100 years in prison for his role in the collapse of his crypto empire.
Trial observers highlighted the inefficacy of SBF’s defense, noting that his legal team struggled to discredit the bulk of the evidence presented by the prosecution. Moreover, most of those testifying against him were former associates, which compounded his challenges.
What next for SBF’s legal battle?
Following his conviction, the potential for an appeal has been debated. However, SBF’s lead counsel, Mark Cohen, recently told Judge Lewis Kaplan that their client was not filing post-trial motions.
Meanwhile, SBF still faces a second trial slated for March next year. He faces charges involving five counts of bank fraud and bribery. Additionally, his sentencing for the initial trial has been scheduled for March 28.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Caroline Ellison is the former lead trader and former CEO at Alameda Research.
