On Oct.4, the SBF trial started in full after the jury selection, and both the prosecution and the defense presented their opening arguments.
The Department of Justice (DOJ) presented strong allegations against SBF, and painted him intentionally deceived investors to enrich himself. The DOJ focused its arguments on allegations that SBF misled customers, investors, and lenders and stole their money.
Meanwhile, the defendant argued SBF was just a young entrepreneur who made business decisions that "didn't work out". The defense denied the existence of secret transactions between Alameda and FTX, or a backdoor to steal customer funds. The defense further argued that every transaction was transparent and legitimate. The layers contended that SBF believed FTX's loaning funds to Alameda was a legitimate business transaction with the market maker.
On the first day of the trial, the jury also heard from two witnesses, one was a former client of FTX, and one was a friend of SBF and a former employee at Alameda Research and FTX.
Related: SBF Trial Started, the Maximum Sentence Could Be 110 Years
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