SBF Trial: Judge reprimands defense counsel in Ellison cross-examination SBF Trial: Judge reprimands defense counsel in Ellison cross-examination
Judge Kaplan expressed surprise at defense counsel Mark Cohen's tactics, saying: "Mr. Cohen, I've never seen the cross of a cooperator done like this."
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Updated: Oct. 13, 2023 at 7:25 am UTC
Illustration by CryptoSlate
Sam Bankman-Fried’s former business associate, Caroline Ellison, appeared today for her third day of testimony in the former FTX CEO’s criminal trial.
With prosecutors having wrapped their questioning of Ellison, Bankman-Fried’s counsel, Mark Cohen, began his cross-examination today. Reports from the inside the courtroom, provided live by New York media outlet Inner City Press, paint a picture of a courtroom bewildered and exasperated by Mr. Cohen’s tactics.
Cohen’s questions were largely repetitive of materials covered in the prosecution’s examination. The prosecution repeatedly challenged the relevance of the questions and engaged in multiple sidebars with the judge and the defense’s request. These interruptions led Judge Kaplan to express his wish to reduce the frequency of these sidebars, thereby maintaining the flow of the proceedings.
Judge Kaplan reportedly expressed his astonishment at the form of interrogation, stating, “Mr. Cohen, I’ve never seen the cross of a cooperator done like this.”
Ellison’s role at Alameda and her relationship with Bankman-Fried was a recurring theme in the cross-examination. Cohen’s questions highlighted differences in risk tolerance, business vision, and even personal styles. Their contrasting views on the blockchain project Solana, FTX’s business model, and their distinct stress management styles were highlighted.
Cohen’s line of questioning also focused on the management of Alameda’s funds, the implications of their business model, and the usage of their loans. According to Ellison, Alameda’s structure, while likened to a hedge fund, had advantages over traditional hedge funds due to its flexibility.
Caroline Ellison is among the government’s star witnesses in its case against Bankman-Fried. Her testimony is ongoing at press time.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
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.
Caroline Ellison is the former lead trader and former CEO at Alameda Research.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.