Bankman-Fried to testify in criminal fraud trial

Bankman-Fried to testify in criminal fraud trial
Bankman-Fried to testify in criminal fraud trial

FTX founder Sam Bankman-Fried will take the stand in his criminal fraud trial in a bid to bolster his protection in opposition to prices that he orchestrated a large yearslong fraud, his lawyer instructed the courtroom Wednesday.

Bankman-Fried might seem earlier than the courtroom as quickly as Thursday, his lawyer, Mark Cohen, mentioned.

The testimony by the 31-year-old one-time political megadonor shall be vital to his protection in opposition to allegations by the U.S. authorities that he defrauded FTX prospects and traders whereas working the one-time cryptocurrency alternate big.

The federal government’s case, now in its fourth week, has hinged on the testimony of a number of former executives at FTX and its sister buying and selling firm Alameda Analysis, together with Caroline Ellison, the previous Alameda CEO who dated Bankman-Fried at instances.

Prosecutors have charged Bankman-Fried with stealing billions from FTX prospects and traders to finance actual property purchases, startup investments and political donations. Bankman-Fried has pleaded not responsible.

The broadly watched trial marks the end result of a stunning fall for Bankman-Fried, who only a 12 months in the past was nonetheless broadly seen as a heavyweight in Washington and the $1 trillion crypto market. The downfall of FTX and Bankman-Fried despatched shockwaves throughout the nation’s capital, the place lawmakers and regulators on either side of the aisle had proven a willingness to have interaction with Bankman-Fried.

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