BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Ellison And Wang would be game-changers in SBF’s Trial, according to Ian McGinley

BlockNews Team by BlockNews Team
December 29, 2022
in BUSINESS, CRYPTO, MEDIA, OPINION
Reading Time: 3 mins read
1
SHARES
20
VIEWS
Share on XShare in TelegramShare on Reddit
  • According to Ian McGinley, a partner at Akin Group, the former CEO of Alameda Research and FTX co-founder Gary Wang, are game changers in the ongoing SBF case.
  • McGinley has stated that it will be challenging for Sam Bankman’s counsel to overcome two cooperating witnesses.
  • Judge Gorenstein grants SBF a bond and sets conditions for the former Chief Executive to comply.

The guilty pleas made by the former CEO of the affiliated hedge fund Alameda Research, Caroline Ellison, and FTX co-founder Gary Wang, are” game-changers” against Sam Bankman-Fried’s ongoing case, according to Ian McGinley, a partner at Akin Group in CoinDesk TV’s “First Mover.”

McGinley noted that “now you have two people- two insiders- who were with him, presumably during all the pivotal moments at stake. In the claim saying, “we conspired with others, presumably SBF, and we did something wrong.”

Early last week, Mr. Wang and Ms. Ellison pleaded guilty to charges relating to securities violations, according to statements from the U.S. prosecutors. Both SBF associates admitted that they were aware of the relationship between Alameda Research, a trading firm that SBF owned, and the alleged mismanagement of customer funds.

McGinley has further stipulated that the associates’ pleas make Sam Bankman’s defense way too challenging, noting that it will be way too hectic for Bankman’s counsel to overcome two cooperating witnesses rather than one. 

“When you get two cooperating witnesses, making that case before a jury Is much harder. While the outcome remains to be seen, it is a game changer.”

However, Ellison and Wang are said to cooperate with the investigations in the U.S. Attorney’s Office for the Southern District of New York. 

The Akin Group Partner has also said Sam Bankman, facing several criminal charges including wire and securities fraud, money laundering, and campaign violations fraud, may not be able to bargain his way out. The prosecutor’s leniency relies on the evidence against someone else. Because SBF was the chief executive, “it is tough to see how he could cooperate,” McGinley stated.

He further noted, “the options here are minimal, though it remains to be seen if the disgraced CEO has any information that could be of value to prosecutors.”

SBF’s Wish was Granted

On December 22, however, SBF was accorded bail by Judge Gorenstein as he thought that SBF wouldn’t flee or be a threat to the public. The former FTX executive was freed on a $250 million bond, which is presumed to be the highest bond presented even before the court hearing. 

The judge set out some conditions to be followed by SBF, including home confinement, location monitoring, and surrendering his passport. Additionally, the bail was granted on SBF’s strict pretrial supervision, including mental health therapy and assessment, as his legal team noted that SBF is battling depression and taking prescription drugs.

The now-bankrupt FTX empire filed for bankruptcy in early November after the founder, SBF, ran out of funds to stabilize it. FTX collapse was a major shock to many customers and companies who relied on the industry, leading to much-lacking confidence in the ecosystem. However, the new FTX executive, led by John Ray III, is trying to build the firm once more and restore users’ faith, as they have noted that FTX’s collapse was stimulated by “SBF’s bad reign.”  

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BusinessCaroline EllisonFTXGary WangSBF
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Trump Warns U.S. Could Become “Third World” Without Tariffs, Pushes for Early Supreme Court Ruling
OPINION

Trump Warns U.S. Could Become “Third World” Without Tariffs, Pushes for Early Supreme Court Ruling

September 2, 2025
Donald Trump Responds to Death Rumors, Dismisses Reports as ‘So Fake’ in Strong Rebuttal
OPINION

Donald Trump Responds to Death Rumors, Dismisses Reports as ‘So Fake’ in Strong Rebuttal

September 2, 2025
Fed Rate Cut Odds Spike Ahead of Jerome Powell’s September Decision: Here is Why This is Important
CRYPTO

Fed Rate Cut Odds Spike Ahead of Jerome Powell’s September Decision: Here is Why This is Important

September 2, 2025
What is World Liberty Finance and How Does it Work? Should You Buy WLFI in 2025? 
CRYPTO

What is World Liberty Finance and How Does it Work? Should You Buy WLFI in 2025? 

September 2, 2025
Gavin Newsom Teases “Trump Corruption Coin” in Latest Jab at President Trump
CRYPTO

Gavin Newsom Teases “Trump Corruption Coin” in Latest Jab at President Trump

September 2, 2025
Strategy Expands Bitcoin Treasury: 4,048 BTC Added in $449M Purchase
BITCOIN

Strategy Expands Bitcoin Treasury: 4,048 BTC Added in $449M Purchase

September 2, 2025
Load More

Related News

Trump Warns U.S. Could Become “Third World” Without Tariffs, Pushes for Early Supreme Court Ruling

Trump Warns U.S. Could Become “Third World” Without Tariffs, Pushes for Early Supreme Court Ruling

September 2, 2025
Donald Trump Responds to Death Rumors, Dismisses Reports as ‘So Fake’ in Strong Rebuttal

Donald Trump Responds to Death Rumors, Dismisses Reports as ‘So Fake’ in Strong Rebuttal

September 2, 2025
Fed Rate Cut Odds Spike Ahead of Jerome Powell’s September Decision: Here is Why This is Important

Fed Rate Cut Odds Spike Ahead of Jerome Powell’s September Decision: Here is Why This is Important

September 2, 2025
What is World Liberty Finance and How Does it Work? Should You Buy WLFI in 2025? 

What is World Liberty Finance and How Does it Work? Should You Buy WLFI in 2025? 

September 2, 2025
Gavin Newsom Teases “Trump Corruption Coin” in Latest Jab at President Trump

Gavin Newsom Teases “Trump Corruption Coin” in Latest Jab at President Trump

September 2, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews