The defense is that Bankman-Fried was incredibly naive. It not only requires you to believe that his lieutenants were stealing all the customer money without him noticing, that he made a series of innocent risk management mistakes while everyone else was building nefarious backdoors. It also requires you to believe that he believed in his stash of crypto, that he thought his vast imaginary wealth was real and his to spend. Obviously it turned out not to be.
‘Enforcement 40’ for 2020
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