{"id":6324,"date":"2023-10-28T07:58:34","date_gmt":"2023-10-28T07:58:34","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/scaramuccis-grim-outlook-on-testimony\/"},"modified":"2023-10-28T07:58:36","modified_gmt":"2023-10-28T07:58:36","slug":"scaramuccis-grim-outlook-on-testimony","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6324","title":{"rendered":"Scaramucci&#8217;s Grim Outlook on Testimony"},"content":{"rendered":"<div>\n<figure id=\"attachment_122144\" aria-describedby=\"caption-attachment-122144\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-122144\" class=\"wp-caption-text\">Image Source: CNBC<\/figcaption><\/figure>\n<p>FTX founder Sam Bankman-Fried began testimony in his own fraud trial on Thursday, defending himself from accusations of intentionally defrauding his exchange\u2019s customers.<\/p>\n<p>Prior to taking the stand, SkyBridge Capital founder Anthony Scaramucci said that the former crypto mogul\u2019s odds against government prosecutors are bleak.<\/p>\n<p>\u201cHe\u2019s gonna get skinned alive;\u201d said Scaramucci in an interview with <em>CNBC<\/em> on Thursday. \u201cThere\u2019s no way to escape. He thinks he\u2019s going to outfox the prosecutors, but they\u2019re very, very well experienced with this stuff.\u201d<\/p>\n<p>Scaramucci was close to Bankman-Fried as a business partner and had a chance to see him in person during the downfall of his crypto empire in November 2022.<\/p>\n<p>At the time, Scaramucci had noted that the \u201cwar room\u201d was \u201cdespondent\u201d and that he could already tell that a small group of FTX insiders had done something without telling most others at the company.<\/p>\n<p>That former assessment has now been corroborated with extensive testimony from Bankman-Fried\u2019s inner circle throughout the trial, all of whom claim to have participated in the fraud led by their boss.<\/p>\n<p>Despite former positive reservations about the defendant, Scaramucci has since labeled Bankman-Fried the \u201cBernie Madoff\u201d of crypto and said that the \u201cninth circle of hell\u201d awaits him.<\/p>\n<p>\u201cThey\u2019re going to point out all the contradictions, and they\u2019re gonna prove the criminal intent with him on the stand,\u201d Scaramucci continued. \u201cThis is only going to add years to his sentence.\u201d<\/p>\n<p>Prior to FTX\u2019s collapse, the exchange had bought a 30% stake in Scaramucci\u2019s investment firm. The founder said in April that the fallout had not harmed his company so severely as many would expect.<\/p>\n<p>Thus far, Bankman-Fried has argued that his understanding of FTX\u2019s terms of service would have allowed FTX to loan funds to its sister-hedge fund Alameda Research. According to CNN, the exchange founder nervously fidgeted and sipped water frequently during his Thursday examination.\n<\/p>\n<h2>Scaramucci on SBF\u2019s Character<\/h2>\n<p>\nScaramucci also commented on Michael Lewis\u2019s new book about Bankman-Fried, which crypto industry pundits thought treated the founder highly charitably.<\/p>\n<p>\u201cHe tries to be objective in the book, but only sort of,\u201d Scaramucci said. \u201cAt the end of the day, Michael never would have written the book if he thought Sam was a supreme felon that many of us feel.\u201d<\/p>\n<p>Scaramucci maintains that he could not feel Bankman-Fried\u2019s \u201carrogance\u201d one year ago, and said he\u2019s \u201cembarrassed\u201d to have introduced him to multiple heads of state.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sbfs-legal-battle-scaramuccis-grim-outlook-on-testimony.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: CNBC FTX founder Sam Bankman-Fried began testimony in his own fraud trial on Thursday, defending himself from accusations of intentionally&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-6324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - 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