NEW YORK: Lawyers for FTX founder Sam Bankman-Fried kicked off their case at his fraud trial on Thursday (Oct 26) following 12 days of prosecution testimony in which former colleagues at the now-bankrupt cryptocurrency exchange said he directed them to divert customer funds to his hedge fund and lie to investors...
FTX founder Sam Bankman-Fried attends as FBI agent Marc Troiano testifies as Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 26, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg
For Bankman-Fried, taking the stand is a risky move that would give prosecutors the chance to cross-examine the 31-year-old former billionaire about testimony from former close colleagues that he directed them to commit crimes. Kaplan said some of Bankman-Fried's testimony would take place outside the jury's presence so he can decide whether it is admissible as evidence.
Legal experts have said Bankman-Fried has little to lose by bucking conventional wisdom and testifying, given weeks of testimony against him by insiders painting an unflattering portrait of his character.
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