Cocoa bean trader who lost $100,000 to FTX was first witness in Sam Bankman-Fried trial
Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023.
Artist: Claudia Johnson
Marc-Antoine Julliard typically trades cocoa beans. But in the spring of 2021, the London-based commodities broker decided to diversify into cryptocurrency trading. His platform of choice was FTX.
Two years later, Julliard stood as the prosecution’s first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who’s accused of misusing billions of dollars in client money.
In testimony that lasted around 50 minutes on Wednesday, Julliard recounted his experience with FTX, including the “extremely anxious” feeling he had the day he unsuccessfully attempted to withdraw part of the $100,000 worth of crypto and cash he had stored on the site. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year.
Like many others, Julliard said he he was under the impression that there were “strong financials behind the company.”
Julliard is the poster child for the case the prosecution laid out in its opening statement as it tries to prove to a jury that clients were led to believe the money they stored with FTX was safe. Prospective customers, Julliard said, were drawn in through savvy marketing, with no reason to believe that FTX would be repurposing their crypto funds.
In a trial that’s set to last six weeks, Bankman-Fried, a man once revered as the “white knight” of crypto, faces seven federal charges, including wire fraud, securities fraud and money laundering, that could put him in prison for the rest of his life.
A jury was seated shortly after 11:30 a.m. (though four of the 12 jurors were already looking to be dismissed). Opening statements began about an hour later. Julliard took the stand just before 2 p.m. to a packed courthouse in Manhattan.
As the lead witness, Julliard helped lay out the government’s narrative. Much of his decision to buy into FTX had to do with the celebrities and venture funds attached to the brand. He referenced an ad with supermodel Gisele Bündchen and Formula 1 marketing. He also pointed to prolific media coverage, which bolstered his trust in the company.
Julliard wasn’t an aggressive crypto trader. He said he never participated in margin trading, or borrowing money to make purchases, nor did he engage in a lending program offered by the company that allowed users to earn interest on idle crypto.
Sam Bankman-Fried sits with his defense team during his fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
Defense wants customers to shoulder blame
The defense is trying to make clients accountable for what it says were their choices to buy and trade crypto.
“Sam didn’t defraud anyone,” said Mark Cohen, Bankman-Fried’s attorney, in his opening statement. Cohen called it a “hindsight case” brought by the government, and said that just because people lost money, doesn’t mean the 31-year-old Bankman-Fried committed fraud.
Bankman-Fried donned a fresh suit with a purple tie and a clean haircut — a much different look than the beach shorts, sandals and wild curls that helped define his image during crypto’s heyday. The entrepreneur, who Cohen described as a “math nerd that didn’t drink or party,” diligently took notes on his air-gapped laptop as he conversed with both of his attorneys and, during breaks, sometimes stood while emphatically motioning with his hands as he spoke to his counsel.
Throughout both sides’ opening statements, Bankman-Fried kept his eyes trained on the jury box. His head was turned 90 degrees to his right to watch those who will ultimately decide his fate. Bankman-Fried was joined in court by his parents, who are both being sued by FTX’s new management for having allegedly “exploited their access and influence within the FTX enterprise to enrich themselves…by millions of dollars.”
Cohen is projecting Bankman-Fried as a startup founder and equated running FTX and Alameda Research, his sister hedge fund, to “building a plane while flying on it.” He told the jury that there was no risk management in place. Specifically, he said the firm didn’t have a chief risk officer.
Far from the “cartoon of a villain” that the government presented, Cohen gave different explanations for his client’s supposedly illegal actions. One example dealt with the secret backdoor baked into FTX’s code that prosecutors say gave Alameda a way to borrow much needed capital.
Cohen said there was nothing secretive about this backchannel in the code base and said the special access to FTX was there because Alameda was initially set up as a market maker for the crypto exchange, which needed the liquidity, especially in its early days.
Cohen reminded the jury that the three insiders who will take the stand against Bankman-Fried have all signed cooperation agreements with the government.
A $10 billion fraud
The prosecution’s opening statement was delivered by Assistant U.S. Attorney Thane Rehn. Over the course of about a half hour, Rehn drove home the point that everyday investors were the ones who fell victim to FTX’s scheme. By the summer of 2022, he said, more than $10 billion had been stolen from thousands of FTX customers who had trusted custody of their crypto and cash to the platform.
Rehn said the evidence would show jurors how Bankman-Fried lied to FTX users, investors and lenders, and how he spent a good amount of the money he stole for his own good. Rehn referenced campaign contributions, for example, as one way that Bankman-Fried looked to curry favor on Capitol Hill.
Rehn called Alameda a “second, smaller and more secretive company” founded and controlled by Bankman-Fried that was integral to the defendant’s alleged scheme.
The government also teed up its star witness, ex-girlfriend and Alameda’s ex-CEO, Caroline Ellison. She pleaded guilty in December to multiple charges and has been cooperating with the U.S. attorney’s office in Manhattan for months.
Rehn plans to show that Bankman-Fried installed his girlfriend at the top of his hedge fund, though he remained the one calling the shots behind the scenes.
Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023.
Stephanie Keith | Bloomberg | Getty Images
Noticeably absent was the mention of Ellison’s co-CEO Sam Trabucco, who was a classmate of Bankman-Fried at MIT. Trabucco left FTX in Aug. 2022, and has stayed relatively under the radar.
Also central to the government’s case is the alleged coverup to hide Bankman-Fried’s crimes. Those tactics include backdating contracts and using encrypted messaging apps set to auto-delete to avoid a paper trail.
“This man stole billions of dollars from thousands of people,” Rein said, as he closed his statement.
The prosecution’s second witness was Adam Yedidia, who met Bankman-Fried in college at the Massachusetts Institute of Technology. The pair remained good friends.
Yedida detailed his experience working first as a trader at Alameda for two months in 2017, and later as a software engineer for FTX beginning in January 2021. He said he resigned from FTX the day before the exchange filed for bankruptcy after a fellow developer told him that Alameda had used FTX customer deposits to pay back creditors.
Speaking quickly and deliberately with an air of practiced nonchalance, Yedida testified that he hadn’t talked to Bankman-Fried or seen him in person since Nov. 2022.
When asked why he was appearing under an immunity order, Yedida said he was concerned that as an FTX developer, he “may have unwittingly written code that contributed to a crime.”
Prosecutors got through a half hour of testimony before breaking for the day. The government will continue its questioning of Yedida at 9:30 A.M. on Thursday.
FTX co-founder Gary Wang will also be taking the stand this week for the government.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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Every year, it seems like there’s a new headline about the world’s lightest electric bike. Each year, engineers manage to shave a few more grams off of an exotically designed frame built with even more exotic materials. And each year, the continuously lower weight is balanced by continuously higher prices – often exorbitantly high. But now Dahon has bucked that trend, offering us an incredibly lightweight electric bike at a price that normal e-bike riders can afford. Meet the Dahon K-Feather.
To put things in perspective, some of the previous lightest electric bicycles have included the 11.8 kg (26 lb) LeMond Prolog at US $4,500, the 11.75 kg (12.59 lb) Trek Domane+ SLR at US $8,999, and the 10 kg (22 lb) Hummingbird Flax folding e-bike at US $6,050.
So with that in mind, please allow me to introduce you to the new Dahon K-Feather. This is a 12 kg (26.5 kg) folding electric bike priced at an incredibly reasonable US $1,199 in North America or €1,499 in Europe.
Sure, it’s not the absolute lightest folding e-bike we’ve ever seen, but it’s 90% of the way there and at a quarter of the price. Plus, it comes from Dahon, which is one of the most respected names in the folding bike world and is largely credited with paving the way for the booming folding bike industry we see today. Since the 1980s, Dahon’s innovative designs have been imitated around the world, yet the folding bike maker has continued to innovate and stay several steps ahead of competing brands.
The K-feather achieves its extra low weight through the combination of a novel frame design employing Dahon’s patented frame designs, including the company’s DELTECH technology and “super down tube,” which help improve rigidity and robustness while reducing weight.
The electrical system on the K-Feather is also a featherweight, keeping the e-bike largely in the last-mile category. While the battery claims a maximum range of up to 24.8 miles (40 km), real-world riding and hilly terrain could reduce that range. Still, clever designs like a system that automatically shuts off the extra motor power when detecting a downhill segment help to eke out more range from the small 24V and 5Ah battery.
The ultra-lightweight 250W hub motor also offers just 32 Nm of torque, meaning the assist is more of a helpful push than a powerful shove. But with the inclusion of a torque sensor for the pedal assist, that push comes on quickly and reliably, making the bike feel more like a traditional analog bike being pedaled by someone with extra strong legs.
With 16″ dual-wall rims and 14g spokes, this isn’t the heavy fat tire folding e-bikes we’re used to in North America, and the capacity reflects that. The K-Feather is rated to support riders weighing up to 105 kg (231 lb), though the highly adjustable seating position can support a range of rider heights from 145 to 190.5 cm (4’9″ to 6’3″).
Coming in six colorways, the Dahon K-feather folding e-bike is now available in the US and has launched for pre-order in Europe, with shipments there expected in September.
I had a bit of a preview of the K-feather on my last trip to China when I was able to visit Dahon’s headquarters and test ride the bike.
I still can’t believe how light it felt, both underneath me and while folding it up and carrying it around. Be on the lookout for that full experience from my trip, coming soon.
Electrek’s Take
The K-Feather represents a compelling milestone not just for Dahon, but for the entire folding e-bike market. By delivering a truly lightweight, compact, and fully electric folder at an impressively affordable price point, Dahon has made minimalist e-mobility more accessible than ever.
It’s not just a bike for die-hard lightweight e-bike connoisseurs; it’s a real-world solution for commuters, travelers, and apartment dwellers who want the freedom of electric assist without the bulk or the sticker shock. If the goal is to get more people on two wheels, the K-Feather might just be one of the most important steps forward yet.
Coming in at less than half the weight of most folding e-bikes, and still a fraction of most lighter-duty folders, the K-Feather’s modest performance makes it a great urban ride for those who favor compact size and light weight. In fact, I think it might be perfect for my mother-in-law, who needs an e-bike to get to and from the train she takes to work, but also needs it to be light enough to carry up to her second-story apartment. Hmmm, perhaps I should have her do a review for us…
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The Honda Prologue remains a top-selling EV in the US, but it’s Acura’s luxury electric SUV that’s been the surprise hit this year.
Honda Prologue sales rise while Acura’s EV surprises
After delivering the first Prologue models last year, Honda’s electric SUV quickly became a hit. In the second half of 2024, it was the second-best-selling electric SUV in the US, trailing only the Tesla Model Y.
Despite limited inventory due to the new 2025 model year change, Honda sold 2,799 Prologues last month. In the first half of the year, Honda has now sold 16,317 Prologue models in the US. In comparison, Toyota sold just over 9,200 units of its electric SUV, the bZ4X, during the same period.
Toyota’s luxury brand, Lexus, sold only 763 RZ models, its sole electric SUV, for a total of 3,779 units in the first half of the year.
Honda Prologue sales have now held steady, averaging over 2,700 units per month, but it’s Acura’s electric SUV that has been quietly gaining ground in the luxury EV space.
With another 1,318 models sold last month, Acura ZDX sales reached 10,355 in the first half of 2025. Acura’s electric SUV is even outpacing the Cadillac Lyriq, which is based on the same Ultium platform.
Sales are significantly higher than the company expected. Earlier this year, Mike Langel, vice president of national sales for Acura, told Automotive News that the company expected to sell around 1,000 ZDX models a month this year.
A significant reason behind the strong demand is the availability of massive discounts, which can reach nearly $30,000 in some states. The luxury electric SUV is more affordable than a Honda CR-V, with monthly leases starting at just $299.
The Honda Prologue is available to lease for as little as $259 per month. The offer is for 36 months with $2,399 due at signing in California and other ZEV states.
With the Trump administration planning to end the $7,500 federal EV tax credit, many of these savings will soon disappear.
If you’re looking to take advantage of the savings while they’re still available, we can help you get started. You can use our links below to find deals on the Honda Prologue and Acura ZDX in your area.
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