The CryptoWatch roundup is here again to bring you last week's top news in the world of cryptocurrency, including the criminal fraud trial of Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX.
Last week, Bankman-Fried got to take the stand on two occasions. First, he was made to testify without a jury present on Thursday, as Judge Lewis Kaplan dismissed them for the day to hear the CEO's testimony and decide what portions of it are admissible. Then, on Friday morning, the defendant was granted a chance to do it in front of the jurors.
Sam Bankman-Fried Testified Without Jury
Sam Bankman-Fried has already taken the stand twice. However, his first time, the US District judge asked the jurors not to be present, as he heard about Bankman-Fried's evidence and decided whether what was admissible.
At that moment, Bankman-Fried was questioned by Assistant US Attorney Danielle Sassoon, and Kaplan reprimanded the 31-year-old former billionaire for being evasive and ignoring some questions.
Bankman-Fried has admitted to having not read the FTX Terms of Service thoroughly, with the former CEO claiming that he just focused on some parts as he only "skimmed" it.
Kaplan also issued an order prohibiting Bankman-Fried from using the "advice-of-counsel" defense, wherein he would say that his legal team told him this and that, which led to his actions.
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SBF Takes the Stand in Front of the Jury
Sam Bankman-Fried was eventually given a chance to testify in front of the jury, and once again, the former CEO took the stand. While in front of the jurors, Bankman-Fried was questioned first by his attorney, Mark Cohen.
Here, Bankman-Fried was asked by Cohen if he took the customer funds or defrauded them, to which he answered, "No, I did not." He also mentioned in his testimony that he and Gary Wang, FTX's co-founder, wanted the crypto-exchange platform to be the best there is in the world.
However, it turned into a different story as FTX's customers and other crypto traders are now paying the price. Bankman-Fried was accused of stealing billions of dollars from customers.
It was reported that the former CEO was cooperative, concise, and clear about what he had said in front of the jurors on Friday, unlike his behavior the prior day when the jury was not around.
Prices of Top Crypto Now
There is a significant improvement in the top coins now, which centers on the two leading ones, Bitcoin and Ethereum, seeing an astronomical climb. On the other hand, USDt remains stable at its $1 pricing.
Bitcoin is now at $34,498, and it saw a significant rally of 12.87 percent in the past seven days, finally pushing out of its slump, which kept it at the $20,000 valuation for almost a year.
The same goes for Ethereum, which is now at $1,794 and is close to achieving its goal of $2,000, seeing a stellar 6.48 percent increase over the past week.
The green trend also brings other coins with it, as Binance Bucks BNB sees a 3.47 percent increase, now at $227.22, followed by XRP at the 5th spot, which saw a 5.52 percent increase over the past seven days.
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