Transcript Ep.563: Why SBF’s Testimony So Far Has Likely Already Doomed Him

Defense lawyer Sam Enzer says Sam Bankman-Fried’s testimony had evasive answers and non sequiturs—but that the defense may now have a good argument for appeal.

Sam Enzer:

And why is that bad for SBF, that line? Okay, so we know there are representations SBF said during, while he was running FTX that they safeguarded customer assets. We know the government's theory is that there was embezzlement of the funds through Alameda, right? And now he's acknowledging embezzlement is the opposite of safeguarding. In other words, if in fact they were embezzling and he knew about it, they have proven that that statement is a fraudulent representation.. And they've got his own words to say it and I guarantee they're going to try to use that on cross-examination.

Laura Shin:

Hi everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes, was the first mainstream media reporter to cover cryptocurrency full-time. This is the October 30th, 2023 episode of Unchained.

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Buy, trade, and spend crypto on the Crypto.com app. New users can enjoy zero credit card fees on crypto purchases in the first seven days. Download the Crypto.com app and get $25 with the code Laura. Link in the description. Today's guest is Sam Enzer, partner at Cahill Gordon & Reindel. Welcome, Sam.

Sam Enzer:

Thanks for having me on again, Laura. It's a pleasure to be here.

Laura Shin:

Pleasure to have you back. Heads up everyone, you may have noticed that during the SBF trial, we've been releasing some interviews on Mondays. We're doing that again today, but this will be more similar to the short interviews we typically publish on Fridays. I will have a long episode coming out this Friday. So Sam, the prosecution rested Thursday morning, and then Sam Bankman-Fried took the stand. He's not yet finished with his direct examination, but at this point, how well do you think it's going for him?

Sam Enzer: