FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie ZhaoFTX founder Sam Bankman-Fried previewed a potential defense Thursday when he told a federal judge that he relied on the blessing of lawyers to make business decisions such as deleting communications and making loans to himself, actions that prosecutors said allowed him to commit the crimes that led to the implosion of his crypto exchange. Bankman-Fried, on trial for fraud, money laundering and other offenses, had been expected to testify in front of a Manhattan federal jury on Thursday afternoon. Instead, in what amounted to an unusual practice session after the jury was dismissed for the day, U.S. District Judge Lewis Kaplan required the FTX founder to walk through several subjects that were in dispute so the judge could rule on what Bankman-Fried could say to jurors.

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Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao FTX, Fried, District Judge Lewis Kaplan Organizations: District Locations: U.S