
Judge Lewis Kaplan's patience is wearing thin with the defense team representing FTX FTT/USD founder Sam Bankman-Fried.
In just three days of the trial, Kaplan has expressed frustration with the defense's tactics, particularly their repetitive and imprecise questioning of government witnesses.
In response to Everdell's cross-examination of Adam Yedidia, a former associate of Bankman-Fried and a defense witness, the court reversed the decision.
The drama in the courtroom mirrors the discussions about the future of digital assets, a topic that will be explored in depth at Benzinga's Future of Digital Assets conference on November 14th.
Yedidia's testimony focused on a software glitch in the FTX crypto exchange, which exceeded Alameda Research's debt to exchange customers by a whopping $8 billion.
However, the defense paints a different picture, pointing out that Alameda's banking relationships with FTX were transparent and that the loss of customer funds was not criminal, but rather a significant oversight.
The courtroom dynamics have been intense, with assistant U.S. Attorney Danielle Sassoon frequently objecting to the defense's questions, and Judge Kaplan frequently siding with the prosecution.
Kaplan joked that there's anybody in the room who hasn't seen a Toyota Corolla, so let's get on with it, which drew laughs from those present.
The jury's perception of the defense's strategy remains to be seen, he said.
Yedidia's claim that it may leave a lasting impression, even though it was required to be struck from the record, could leave a lasting impression.
The Department of Justice's policy appears to be emotionally charged, with testimonies from individuals such as Matt Huang, who revealed his firm wrote off $278 million in FTX investments.
Wang's testimony will end soon, with other witnesses such as BlockFi's Zac Prince expected to testify in the coming days.
Hong Kong regulaters are trying to launch a major crypto investigation into the HpeX probe, the latest in a string of moves that have angered Hong Kong officials.
At Benzinga's exclusive event, The Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors.