Sam Bankman-Fried, the CEO of the cryptocurrency exchange FTX, is currently facing a trial in the United States District Court for the Northern District of California. The trial is related to allegations of insider trading and market manipulation. On day 17 of the trial, there were several developments that shed light on the case.

The day began with the testimony of a former employee of FTX, who testified that Bankman-Fried had instructed him to manipulate the market in order to benefit FTX. The employee also stated that Bankman-Fried had instructed him to use insider information to make trades. This testimony was damaging to Bankman-Fried’s defense, as it showed that he had knowledge of and was involved in the alleged market manipulation.

The prosecution then called an expert witness to testify about the impact of Bankman-Fried’s alleged market manipulation. The expert testified that Bankman-Fried’s actions had resulted in a significant increase in the price of certain cryptocurrencies, which resulted in large profits for FTX and its customers. This testimony was also damaging to Bankman-Fried’s defense, as it showed that his actions had a direct impact on the market.

The day concluded with Bankman-Fried’s attorney presenting evidence that Bankman-Fried had acted in good faith and had not intended to manipulate the market. The attorney argued that Bankman-Fried had acted in accordance with industry standards and had not acted with malicious intent. This evidence was beneficial to Bankman-Fried’s defense, as it showed that he had not acted with malicious intent.

Overall, day 17 of Sam Bankman-Fried’s trial was an important day in the proceedings. The testimony of the former employee and the expert witness provided damaging evidence against Bankman-Fried, while his attorney presented evidence that showed he had acted in good faith. It remains to be seen how the jury will interpret this evidence and whether or not Bankman-Fried will be found guilty of the charges against him.