State of Crypto: SBF (Somehow) Had Another Bad Day in Court

Sam Bankman-Fried's appeal of his criminal conviction faced a skeptical Second Circuit Court of Appeals panel during a recent hearing. His attorney, Alexandra Shapiro, argued that Judge Lewis Kaplan was biased and prevented Bankman-Fried from presenting a full defense regarding good faith and the solvency versus liquidity of FTX. The judges, however, questioned these arguments, particularly referencing Supreme Court precedent that the potential solvency of victims is not a defense against fraud charges. The prosecution countered that the focus was on misappropriation during the 2022 crisis when withdrawals failed. The judges also pressed the prosecutor on the $11 billion forfeiture amount, given the possibility of victims being made whole. The court did not indicate its ruling, which is expected later. In other crypto legal news, Samourai Wallet developer Keonne Rodriguez was sentenced to five years in prison, and a mistrial was declared in the case against the Peraire-Bueno brothers accused of crypto theft via MEV-boost exploitation.

(Source：CoinDesk)