SBF's lawyers planned to shift some responsibility for FTX's bankruptcy to the company's former legal counsel at the trial this October, arguing that SBF followed the advice of lawyers from Fenwick & West law firm and FTX's in-house legal counsel when providing insider loans to former FTX and Alameda executives.
The defense team said they would provide evidence that the legal counsel was involved in reviewing and approving some decisions, including loaning funds to the company's executives, setting Signal messages to auto-delete, and setting up a set of North American entities, and advised SBF to make him believe that he was "acting in good faith".
According to the information FTX disclosed in March, former FTX executives, including SBF, received $3.2 billion in payments and loans from FTX and its affiliated debtors.
This week, SBF pleaded not guilty again to the fraud and money laundering charges related to the bankruptcy of FTX.
Related: SBF Pleads Not Guilty to Fraud and Money Laundering Charges Again
SBF Received $2.2B Mainly from Alameda Research, FTX Discloses
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