Former FTX Users to Testify Against SBF; US DOJ

Sam Bankman-Fried (SBF), the of a company named FTX, is facing a big trial, and the U.S. Department of Justice (DOJ) has a long list of people who will speak against him in court. The court actions follow after the U.S. Securities and Exchange Commission (SEC) also made legal moves against Prager Metis, a firm that checked FTX’s finances.

DOJ is planning to bring both regular people and big money investors who used the FTX platform to the court. They are expected to talk about their belief and expectation that FTX would safely guard their money and not misuse it. One customer from Ukraine, who lost a lot of his savings on FTX, might speak to the court from afar because of travel issues.

On another note, the SEC is taking legal steps against Prager Metis, who used to check FTX’s money and business “FTX Auditor”. The SEC says Prager Metis broke rules and helped its clients break federal money laws by not conducting audits properly. Last year, Prager Metis did checks on FTX’s money to help make people trust the company more.

SBF’s lawyer isn’t happy with how the government is handling things, saying they’re using words that make SBF look guilty before the trial even starts. He’s upset that they’re calling him a “fraudster” straight away, and thinks it might make the jury think badly of SBF before they hear the full story. The lawyer is asking for fair treatment and for their questions to be considered too.