According to CoinDesk, the law firm Ian McGinley, a partner at Akin Group, said the testimony of former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang could be against Bankman-Fried as he battles criminal charges.
Last week, Ellison and Wang pleaded guilty to charges related to the collapse of FTX, a crypto exchange that Bankman-Fried ran. The duo admitted that they knew of the haphazard relationship between Alameda Research, a trading firm that Bankman-Fried also owned, and FTX and the alleged mismanagement of customer funds. According to McGinley, that makes Bankman-Fried’s defense even more challenging, adding that it will be “very difficult” for Bankman-Fried’s counsel to “overcome” two cooperating witnesses rather than one.