Sam Bankman-Fried sees upside in testifying at criminal trial, experts say

© Reuters. FILE PHOTO: Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo -Sam Bankman-Fried has little to lose by bucking conventional wisdom and taking the stand at his criminal fraud trial, following weeks of testimony that he stole billions of dollars from unwitting customers of his FTX cryptocurrency exchange, legal experts said.

But given Bankman-Fried's penchant for risk, his willingness to speak publicly about the charges and prosecutors' unflattering portrayal of him at the trial, he may be betting on convincing even one juror that he did not intend to commit fraud, experts said. Defendants are not required to testify in criminal cases, but sometimes do so in a bid to raise doubt that prosecutors have proved their case.

The Massachusetts Institute of Technology graduate has pleaded not guilty. At trial, his lawyers have argued that he never intended to defraud anyone, and that many functions at the fledgling crypto exchange - including risk management - were"works in progress." Taking the stand carries the risk that he will be confronted with those media appearances as well as his use of social media.Whereas most people are risk-averse, Bankman-Fried views himself as"risk-neutral," Caroline Ellison, former co-chief of Alameda, said on the stand.

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