SBF's defense lawyer appeals to the jury for understanding, arguing that poor risk management is not a crime.

FTX founder SBF testified in the closing arguments on the evening of November 1st, where the prosecution attempted to prove to the jury SBF's fraudulent motives and actions; the defense, on the other hand, emphasized that poor risk management does not equate to fraud and appealed to the jury's emotions.

Federal Prosecutor: SBF's Fraudulent Motives and Actions Evident

Federal Assistant Prosecutor Nicolas Roos pointed out multiple fraudulent actions by SBF, stating that SBF had the opportunity to correct its mistakes but chose to misappropriate more user funds for its own benefit:

• SBF used funds from FTX to repurchase stocks from Binance, invest in companies like Genesis, Anthropic, and K5.

• In June 2022, executives discovered financial discrepancies at Alameda amounting to billions of dollars, yet SBF did not admit fault and instead falsified Alameda's financial reports.

• In November 2022, prior to bankruptcy, SBF chose to release misleading tweets instead of confessing.

During his address to the jury, Nicolas Roos emphasized:

He took users' money, knowing it was wrong, but he believed he was smart enough to earn it back. As the owner of 90% of Alameda and the CEO of FTX, he had the motive and means to allow Alameda to misappropriate FTX funds. Not only did he lie to the public, but he also lied to the jury during the trial.

SBF's Legal Representative: Poor Risk Management Is Not a Crime

SBF's lawyer Mark Cohen emphasized that SBF did not commit fraud and played the emotional card to the jury.

He made several claims:

• The prosecution initially labeled FTX as a fraudulent enterprise.

• In contrast, SBF established compliant startups and made reasonable business decisions.

• The lack of a risk management team at FTX was a serious mistake, but poor risk management is not a crime.

• If SBF was set on committing fraud, why suggest shutting down Alameda?

• Why did he testify before Congress?

• Why repay Alameda's loan instead of fleeing?

SBF Defense Attorney Mark Cohen on the Verge of Tears?

According to CoinDesk's on-site description, Mark Cohen appeared almost on the verge of tears during his closing statement, speaking to the jury in an almost pleading tone, stating that the 12 jurors would soon have the power to rule on SBF's fate.

Mark Cohen also emphasized that SBF's attempt to sell FTX to Binance at the time further proved SBF's willingness to do whatever it takes to save the company.

Following the closing arguments, the prosecution will rebut the defense's statements the next day, and the SBF case is gradually nearing its conclusion.