Sam Bankman-Fried will testify in his fraud trial

Sam Bankman-Fried will testify at his criminal fraud trial on Thursday as he faces charges of fraud, conspiracy, and money laundering related to his failed cryptocurrency exchange FTX. --- Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for seven counts of wire fraud and conspiracy. FTX was a fraud “from the start,” the Securities and Exchange Commission alleges — with a “multi-billion-dollar deficiency caused by his own misappropriation of customer funds.

The move isn’t much of a surprise, considering the time Bankman-Fried spent speaking on his own behalf between the collapse of FTX last year and his eventual arrest last December. “We’re going to put on three witnesses — then our client,” Cohen said during the call, according to the Inner City Press. Bankman-Fried, the founder and former CEO of FTX, is accused of stealing billions in customer funds and has pleaded not guilty to all charges.

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