FTX's Vague Terms of Service and Allegations of Customer Fund Misappropriation

As the trial progresses into its second phase, defense attorney Mark Cohen's cross-examination of witnesses like BlockFi CEO Zac Prince has so far failed to substantially undermine the prosecution's case against Sam Bankman-Fried. The defense continues to argue that FTX's terms of service, specifically regarding customer funds and obligations, may not support the misappropriation claims, but the prosecution maintains that misappropriation occurred when Bankman-Fried breached a fiduciary duty and made material misrepresentations, suggesting that the defense's argument may not fully address the allegations.

Link to story: Crypto Lender BlockFi Believed Alameda Was Solvent Given Balance Sheet It Was Shown, CEO Testifies

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Credits: Marc Hochstein, Nikhilesh De and Wondercraft AI Voice

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