Sam Bankman-Fried, the ex-CEO of FTX, has taken the stand in his prolific and controversial trial to deny allegations of defrauding the company’s customers. Until now, Bankman-Fried had remained silent, allowing his legal team to do the talking, while his former colleagues and partners testified against him.
During his time on the stand, Bankman-Fried asserted that he did not defraud FTX customers, a claim he made in response to questioning from his lawyer, Mark Cohen. Additionally, he revealed that his goal when starting the company in 2019 was to create the best crypto exchange product on the market. However, he acknowledged that things did not go as planned, resulting in harm to FTX employees, customers, and investors.
After weeks of proceedings, Bankman-Fried was finally given the opportunity to speak in front of the jury. The CEO’s testimony was characterized as cooperative, concise, and clear, in contrast to the previous day’s proceedings.
The trial, which began on October 3, is being hailed as one of the largest criminal trials in the history of cryptocurrency. Despite its significance, the trial has been closed to the public, with no audio or video recordings. Reports and accounts from those present in the courtroom have been the primary sources of information.
Notably, Bankman-Fried’s former lover and former Alameda Research CEO, Caroline Ellison, provided damaging testimony, alleging that he directed her to divert funds from FTX customers to Alameda’s needs. This included using the money to repay loans and investors.
Bankman-Fried expressed a strong desire to testify and was granted the opportunity to do so, resulting in the dismissal of the jury for his initial testimony. The ex-CEO adamantly denied defrauding FTX customers during his leadership.
It remains to be seen how Bankman-Fried’s testimony will impact the outcome of the trial, which has garnered significant attention within the cryptocurrency community and beyond.
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