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John Deaton Slams Sympathisers of SBF: Here Is a Recap of What Happened in Week One of the Trial
Summary
- Lawyer and founder of Cryptolaw US John Deaton tweeted out against media and community members sympathising with SBF.
- Deaton believes that SBF’s parents should be held accountable.
- The SBF trial’s first week was full of intrigue, with testimonies revealing a US $65 billion backdoor between crypto exchange FTX and partner company Alameda Research.
- SBF’s ex-partner, Caroline Ellison, will testify in court on Tuesday.
The Sam Bankman-Fried criminal trial is well and truly underway, with prominent pro-crypto lawyer John Deaton taking fire at those defending SBF. The community has been polarised by the crypto world’s most notorious figure. While some believe the ex-CEO of FTX to be a “soulless” criminal who deserves significant jail time, others are more sympathetic to his cause.
Deaton, however, was firm in his disdain for those soft on SBF’s actions:
“People who believe SBFRaud is a good guy who made mistakes, and FTX grew too fast and it all got away from him… should never be interviewed by 60 Minutes or any other news outlet”.
John Deaton
The tweet comes in response to SBF appearing on several media outlets – such as 60 Minutes last week – as the world becomes gripped with his legal battle.
SBF’s Parents Are Culpable, Deaton Believes
SBF sympathisers weren’t the only group to come under Deaton’s microscope, as the lawyer also aimed at the disgraced businessman’s parents. He claims that Joseph Bankman and Barbara Fried are “100% complicit” in the criminal activity conducted by their son, SBF. Although no major government or regulatory body has turned its attention to SBF’s parents, they are currently being sued by FTX’s revamped executive team.
SBF Trial Week One: A Recap
The SBF trial has only been live for a week, but already a picture is starting to emerge of how the FTX exchange collapsed, taking with it several other trading platforms and billions in customer funds.
Gary Wang, FTX’s ex-Chief Technology Officer and co-founder, testified that he created a secret backdoor between partner company Alameda Research and FTX. This allowed FTX executives to directly divert funds from the exchange to Alameda to cover the business’s poor investments. It was also revealed that investors and many other executives were unaware that customer’s funds were divested into Alameda Research before being spent elsewhere.
As part of the prosecution’s “forfeiture bill of particulars”, SBF may also have to relinquish control over some of his most prized assets – two private jets. It is reported that the aircraft’s values range from US $16 to 50 million ($25 to 78.7 million) each.
The trial is expected to heat up again on Tuesday when SBF’s ex-partner Caroline Ellison will testify in front of the court.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
