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Sam Bankman-Fried’s FTX fraud trial may be delayed

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A U.S. District Judge may postpone the fraud trial of Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX.

Bankman-Fried’s lawyers argue they have not had enough time to review the evidence crucial for building his defence.

U.S. District Judge Lewis Kaplan, presiding over the case in Manhattan, suggested a potential five-month delay to the hearing initially slated for October 3 during a virtual hearing.

Bankman-Fried’s defence lawyers contended that the Metropolitan Detention Center in Brooklyn had failed to provide their client with the necessary hard drives containing evidence for thorough review.

At 31 years old, Bankman-Fried has entered a not guilty plea against charges of fraud and conspiracy linked to the collapse of his cryptocurrency exchange in November 2022, leading to its subsequent bankruptcy.

Judge Kaplan ordered Bankman-Fried’s incarceration on August 11, citing concerns that the former billionaire had tampered with witnesses while on $250 million bail, confined to his parents’ residence in Palo Alto, California.

His legal team sought his return to his parents’ custody, arguing that it would allow him to adequately prepare for the upcoming trial.

Judge Kaplan, while open to considering a delay, emphasised that the volume of evidence alone might not warrant postponement.

He emphasised the necessity for the defence to demonstrate a genuine and unforeseen need for the delay.

He also proposed the potential consolidation of Bankman-Fried’s trial with a previously scheduled trial on March 11, 2024, pertaining to additional charges stemming from his extradition from the Bahamas in December 2022.

Mark Cohen, Bankman-Fried’s lawyer, acknowledged the need for a swift decision regarding any delay request.

Judge Kaplan had previously denied a defence plea to exclude around 4 million pages of documents stored on Google, which were turned over by prosecutors last week.

Bankman-Fried’s legal team argued that the avalanche of evidence hindered his constitutional right to a fair trial.

The prosecution, led by the U.S. Attorney’s Office in Manhattan, attributed the delayed submission of evidence to Google’s slow response to a subpoena.

They clarified that the majority of the evidence was sourced from Bankman-Fried’s personal Google account, which he had access to before his bail was revoked.

In a recent development, the prosecution delivered a hard drive containing evidence to Bankman-Fried’s location at the Metropolitan Detention Center. As deliberations continue, the fate of the trial hangs in the balance, awaiting a decision that will address both the concerns of the defence and the need for a fair legal process.

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U.S. halts TSMC chip shipments to China

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The U.S. has ordered TSMC to stop shipping advanced AI and GPU chips to China starting Monday.

 

This decision follows concerns that TSMC chips were found in Huawei’s AI processors, potentially violating export controls. TSMC has informed its Chinese clients that shipments are now suspended. Huawei, already on the U.S. trade blacklist, faces further challenges in developing AI technology. The U.S. is also targeting other companies involved in shipping these chips to China as part of a broader effort to limit China’s access to advanced tech. TSMC has confirmed it will follow all export regulations.

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Trump’s plans to shakeup the Pentagon military leadership

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President-elect Trump’s return may spell big changes for the Pentagon.

Trump has hinted at removing military officials he deems “woke” or disloyal, creating unease within the Defense Department.

Some of Trump’s former generals have labeled him unfit for office, but he’s doubling down on loyalty as a top priority.

Senate Armed Services Committee chair Jack Reed warns that Trump could “destroy” the Pentagon by removing generals who stand by the Constitution.

Military leaders could face dismissal if they don’t align with Trump’s stances on issues like NATO or domestic deployments.

This loyalty push may reshape America’s military approach under Trump’s leadership.

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Judge grants request to pause Trump’s federal Jan. 6 case

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Special Counsel Jack Smith moves to vacate pretrial deadlines as DOJ weighs next steps after Trump’s Election Day victory.

U.S. District Court Judge Tanya Chutkan on Friday granted Special Counsel Jack Smith’s request to pause proceedings in former President Donald Trump’s federal Jan. 6 case.

The decision halts upcoming pretrial deadlines, allowing the Department of Justice (DOJ) time to consider next steps after Trump’s recent electoral win.

Smith’s motion filed on Friday highlighted the unprecedented situation, noting, “as a result of the election,” the DOJ seeks to vacate remaining deadlines to “assess this unprecedented circumstance.”

Judge Chutkan agreed, instructing the prosecution to submit a status report on December 2 with its proposed course of action.

The request marks a pivotal step, likely steering toward a halt in prosecution, given the DOJ’s longstanding policy against prosecuting a sitting president.

Trump’s victory, making him the first convicted felon elected to the White House, has prompted DOJ officials to deliberate on how best to close Smith’s two federal cases against him.

Had Trump lost the race against Vice President Harris, the former president could have faced potential prison time.

However, this Election Day win likely shields him from criminal consequences while in office.

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