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Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is making a bold move in his ongoing legal battle.
Bankman-Fried is seeking to shed light on the involvement of lawyers in what prosecutors have termed a “$200 million sham” involving Alameda Research, the hedge fund arm of FTX.Attorneys representing Sam Bankman-Fried are requesting permission to question FTX co-founder Gary Wang regarding the legal guidance he received when accepting loans from the connected hedge fund Alameda Research.
Wang, who had previously believed that lawyers wouldn’t advise him to sign anything illegal, has been cooperating with investigators after pleading guilty.At the heart of this legal battle is the prosecution’s allegation that Bankman-Fried misappropriated funds by illegitimately transferring them to Alameda Research. Prosecutors have painted a picture of Alameda as SBF’s “personal piggy bank,” a characterization denied by the defendant.
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