U.S. Department of Justice: FTX customers and investors will testify against SBF

Federal prosecutors want to subpoena former FTX customers, investors and employees in the upcoming trial of former cryptocurrency executive Sam Bankman-Fried, the U.S. Department of Justice confirmed in two filings on Saturday. Customers and investors who own FTX stock can speak about their expectations about how FTX will hold their funds, and cooperating witnesses can speak about their interactions with the defendants and their understanding of the purpose of certain statements and actions by the defendants. The second letter stated that client witnesses may testify for no more than 30 minutes at a time and will involve minimal exhibits. The U.S. Department of Justice confirmed former FTX Chief Technology Officer Gary Wang, former FTX Engineering Director Nishad Singh, and former Alameda Research CEO Caroline Ellison as three cooperating witnesses. They all admitted charges related to the exchange and will testify in court. Another former FTX executive, Ryan Salame, pleaded guilty but had not agreed to testify as of a few weeks ago. The Justice Department also plans to call at least two other witnesses to testify if immunity is granted, but they have not yet been publicly identified.

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