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☆ For days Sam Bankman-Fried, the MIT grad who founded FTX, repeatedly told a jury he couldn't remember actions from his time as CEO
▼ + stars: | 2023-10-31 | by ( Katie Balevic | ) www.businessinsider.com time to read: +9 min

It was during those hours of questioning that Bankman-Fried repeatedly said he couldn't recall specific details from his time as CEO of FTX, his now-defunct cryptocurrency exchange. Asked whether his support for regulation in the crypto industry was contingent upon protecting customers, Bankman-Fried testified Monday: "I don't recall that specifically, no." He similarly struggled to recall whether he ever mentioned to the public that while trading on FTX, Alameda didn't play by the same rules as other customers. AdvertisementAdvertisementBankman-Fried's instructions as CEO were just 'suggestions'Chelsea Jia Feng/InsiderBankman-Fried insisted on the stand that he didn't recall making various instructions to his employees, especially those like Ellison, Gary Wang, and Nishad Singh. Asked if he instructed Ellison to purchase cryptocurrencies in her capacity as co-CEO of Alameda, Bankman-Fried was vague, saying, "I don't recall an instance.

Persons: Sam Bankman, Lewis Kaplan, —, Fried, Danielle Sassoon, FTX, SBF, FTX's, Judge Lewis Kaplan, Caroline Ellison, Eduardo Munoz Alvarez, Sam Trabucco, beholden, Sassoon, Chelsea Jia Feng, Ellison, Gary Wang, Nishad Singh, I'm, Jane Rosenberg, Gary, Nishad, Ryan Salame, it's, Mark Cohen, Judge Kaplan Organizations: Service, Alameda Research, Alameda, REUTERS Locations: Bankman, Manhattan, Alameda, FTX

Bankman-Fried testified that he wasn't aware of the amount Alameda was borrowing from FTX, or its theoretical max. Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In September, he checked in again with Ellison about the hedging activity, Bankman-Fried testified.

Persons: Sam Bankman, Fried, Fatih Aktas, that's, Caroline Ellison, Mark Cohen's, Cohen, FTX, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, —, Ellison, Sam, Nishad Singh, Gary Wang, Prosecutors, who'd, Michael M, Bankman, wasn't, Alameda, Singh, Shorter, Dawn Giel Organizations: Federal Court, Anadolu Agency, Getty, Alameda Research, U.S, District, Reuters, Stanford University, Alameda, Facebook, Google, Santiago Locations: New York, United States, Manhattan, Bankman, Alameda, Bahamas, New York City, U.S

☆ Takeaways from Sam Bankman-Fried’s second day in front of a jury
▼ + stars: | 2023-10-30 | by ( Lucy Bayly | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Prosecutors grilled former crypto king Sam Bankman-Fried on Monday as his criminal fraud trial entered its third week. The pace of withdrawals then increased further, with about $4 billion in net withdrawals the following day, or 100 times more than a typical day. A market downturn meant that assets associated with FTX’s sister company, the hedge fund Alameda Research, “declined massively in value,” he said. Ellison agreed Alameda should have been hedgedBankman-Fried on Monday recalled a conversation he had with Caroline Ellison, his ex-girlfriend and then-CEO of Alameda Research. “Do you recall saying FTX and Alameda acted separately?” Sassoon asked.

Persons: Sam Bankman, Bernie Madoff, ”, Fried, Judge Lewis Kaplan, Bankman, FTX, “, SBF, Ellison, Caroline Ellison, Danielle Sassoon, ” Sassoon, “ I’m, Sassoon, ” SBF, What’s Organizations: New, New York CNN, Prosecutors, Alameda Research, “, PR Locations: New York, Alameda, Alameda . Alameda

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia, FTX, ” Caroline Ellison Ms, Ellison, Ms, Gary Wang Mr, Wang, ”, coder, Nishad Singh Mr, Singh, Gabe, Gabe Bankman, ” Mr, Prosecutors, Barbara Fried, Nishad Singh, Sun, ’ Organizations: Alameda Research, Massachusetts Institute of Technology, Stanford, Mr, Prosecutors, America Locations: Bahamas, Alameda, Binance, Pandemics

☆ Sam Bankman-Fried blames top lieutenants for FTX troubles in second day of testimony in criminal trial
▼ + stars: | 2023-10-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In describing the swift downfall of FTX, Bankman-Fried said that customer withdrawals had quickly increased from $50 million a day to $1 billion a day. For example, Sassoon asked Bankman-Fried if he assured people that Alameda played by the same rules as others on the FTX exchange. Sassoon asked Bankman Fried, "Would you agree you know how to tell a good story?" Sassoon asked.

Persons: Sam Bankman, Fried, Kyle Mazza, FTX, Mark Cohen, Caroline Ellison, Ellison, Gary Wang, Nishad Singh, Singh, Sun, Jane Rosenberg, Renato Mariotti, Bryan Cave Leighton Paisner, Mariotti, Danielle Sassoon, I'm, Sassoon, Bankman, Crypto, wasn't, Bankman Fried, Vox, he's, Alameda, —, Dawn Giel Organizations: Court, Anadolu Agency, Getty, Alameda Research, Alameda, Bloomberg, Apollo, Reuters, U.S . Justice Department's Securities, Commodities, CNBC, U.S, PR Locations: New York City, Alameda, New York, U.S, Chicago

☆ Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy
▼ + stars: | 2023-10-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange. As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. On the witness stand, Bankman-Fried suggested his crypto hedge fund was not dissimilar to Jane Street Capital, the traditional trading firm where he worked before founding Alameda. As CEO, Ellison failed to make the trades and investments he suggested to hedge in case of a crypto market downturn, Bankman-Fried testified. Bankman-Fried tried to stress that the market conditions in November 2022, when FTX and Alameda collapsed, were an anomaly.

Persons: Sam Bankman, Fried, that's, —, FTX, Jane Street, Danielle Sassoon, Judge Lewis Kaplan, Elizabeth Williams, Crypto, Sassoon, Chelsea Jia Feng Bankman, Gary Wang, Nishad Singh, Caroline Ellison, Ellison, Wang, Singh, Fried's, Bankman Organizations: Alameda Research, Prosecutors, Service, Alameda, Jane Street Capital, U.S, AP, wasn't Locations: FTX, Alameda, Manhattan, New York, Bankman

New York CNN —Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. Bankman-Fried is being accused of using this “back door” to transfer billions of dollars in FTX customer funds to Alameda. He initially thought FTX would failWhen Bankman-Fried and Gary Wang started FTX in 2019, there were already dozens of crypto exchanges. I’m not sure that I would quite answer yes to the question as you most recently phrased it.

Persons: Sam Bankman, Fried, “, ”, we’ve, Caroline Ellison, Bankman, Mark Cohen, ” Cohen, Cohen, didn’t, FTX, Gary Wang, Binance, ” SBF, Lewis Kaplan, Kaplan interjected, Danielle Sassoon, I’m Organizations: New, New York CNN, Prosecutors, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya Locations: New York, Bahamas, Alameda, Kansas City, Bankman, FTX

☆ Sam Bankman-Fried said he was alarmed by Alameda's risk taking, but he doesn't show it when he's 'freaked out'
▼ + stars: | 2023-10-28 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried testified before the jury on Friday, detailing his version of events. He added that he doesn't show it when he's "freaking out," contrary to testimony by former execs. "I was very surprised and fairly concerned," Bankman-Fried testified. Developers ran the numbers and confirmed them, bringing about a "relieved" demeanor in Ellison, Singh, and Wang, Bankman-Fried testified. Singh testified that Bankman-Fried had tells, including "physical twitches for when he gets angry."

Persons: Sam Bankman, Fried, —, Bankman, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, Ellison didn't, Mark Cohen Organizations: Service, Prosecutors, Alameda Research, FTX, Developers, shuttering Locations: Alameda, Manhattan, FTX, shuttering Alameda, Bahamas, Washington ,

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

☆ Sam Bankman-Fried testifies he 'didn't have the time' for haircuts or long-term relationship with Caroline Ellison
▼ + stars: | 2023-10-27 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried addressed his breakup with Caroline Ellison on the witness stand Friday. AdvertisementAdvertisementOn the witness stand in his criminal trial Friday, Sam Bankman-Fried testified he was too busy running companies worth billions of dollars to get deeply involved in women and haircuts. One of their witnesses in the trial is Caroline Ellison, who ran Alameda as a CEO starting in mid-2021. That explanation is consistent with what Ellison herself said on the witness stand in earlier testimony. "I was kind of busy and lazy and didn't get haircuts for long periods of time," Bankman-Fried answered, sheepishly.

Persons: Sam Bankman, Fried, Caroline Ellison, —, Jane, Ellison, Mark Cohen, sheepishly, Cohen Organizations: Service, Alameda Research Locations: Manhattan, Alameda, Bankman

"We thought that we might be able to build the best product on the market," Bankman-Fried said during his six hours of testimony in Manhattan federal court. Bankman-Fried on Friday testified that while Ellison provided him a spreadsheet she was considering sending to a lender, he did not look at it in detail. On Friday, Bankman-Fried sought to place much of the blame for Alameda's failure on Ellison. Bankman-Fried was questioned by both sides on Thursday without jurors present as the judge assessed what parts of his testimony would be admissible. Prosecutors will get their first chance to question Bankman-Fried with jurors present when they cross-examine him next week.

Persons: Sam Bankman, Fried, Caroline Ellison, Mark Cohen's, Ellison, Gary Wang, Wang, Nishad Singh, FTX, Cohen, Jody Godoy, Luc Cohen, Will Dunham, Daniel Wallis Organizations: Alameda Research, Prosecutors, Alameda, FTX, Thomson Locations: Alameda, Manhattan, New York

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves federal court in New York City, U.S., February 9, 2023. Prosecutors allege Bankman-Fried misled FTX customers about the safety of their assets before the exchange filed for bankruptcy in November 2022. Alameda had borrowed several billion dollars of FTX customer assets to repay its lenders the month before, she said. "We have a long history of safeguarding client assets and that remains true today," he said in the thread. Ellison testified at trial that by the summer of 2022, Alameda was drawing from FTX customer funds to make venture investments.

Persons: Sam Bankman, Mike Segar, Fried, Gary Wang, FTX's, FTX, Wang, Caroline Ellison, Alameda's, Ellison, Jody Godoy, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: FTX, REUTERS, Prosecutors, Alameda, Thomson Locations: New York City, U.S, Alameda, New York

Sam Bankman-Fried took the witness stand on Thursday after days of testimony from his inner circle. The FTX cofounder is facing seven charges of fraud over the collapse of the cryptocurrency exchange. AdvertisementAdvertisementSam Bankman-Fried took the witness stand Thursday to testify in his own defense in the criminal trial involving FTX's collapse. After briefly describing the "constant" threat of attempts to hack FTX, Bankman-Fried got into the company's document retention policy, which he said he abided by "to my knowledge." The FTX cofounder is facing seven criminal charges and has pleaded not guilty on all counts.

Persons: Sam Bankman, Fried, —, Judge Lewis Kaplan, Kaplan, Mark Cohen, Gary Wang, Caroline Ellison, Wang, FTX, Ellison, she'd Organizations: Service, FTX, Alameda Research, Alameda Locations: Alameda

watch nowLawyers for Sam Bankman-Fried late Wednesday revealed details of his planned testimony if he takes the witness stand at his FTX fraud trial. Earlier Wednesday, one of Bankman-Fried's two chief trial attorneys, Mark Cohen, said in a conference call that his client would testify as would three other people. Cohen cited specific examples where, at the guidance of FTX lawyers, Bankman-Fried adopted a policy which prosecutors argued shows his criminality. But Cohen wrote that Bankman-Fried's understanding was that these auto-deletion policies were "instituted under the guidances of lawyers." "We respectfully submit that Mr. Bankman-Fried's knowledge of industry practices regarding the use of omnibus wallets is relevant to his good faith belief that his conduct was permissible," the letter added.

Persons: Sam Bankman, Judge Lewis Kaplan, Kaplan, Mark Cohen, Cohen, Fried, Caroline Ellison, Bankman, SBF, Gary Wang, Adam Yedidia, Wang, FTX, Sun Organizations: Bahamian, Stanford, Alameda Research, Prosecutors, Bankman, Bahamas Securities Commission, Securities Commission, The Locations: Manhattan, FTX, Alameda, Bahamian, The Bahamas, United States

Over the past three weeks, former employees and friends of Sam Bankman-Fried have testified that he orchestrated a scheme to misappropriate billions of dollars in customer money from his FTX cryptocurrency exchange, which collapsed last year. The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. They said the FTX founder had known for months that the exchange had no way of paying back at least $8 billion in customer money that was used to buy lavish real estate, invest in other crypto companies, make campaign contributions and pay back lenders to a trading firm that Mr. Bankman-Fried also controlled. Here are highlights of the testimony from several prosecution witnesses — including Mr. Bankman-Fried’s employee and on-again, off-again girlfriend, Caroline Ellison — who have been central to the case:Adam YedidiaThe first prosecution witness was Adam Yedidia, a former FTX developer who was a close friend of Mr. Bankman-Fried’s and lived with him and other associates in the Bahamas. Mr. Yedidia, who has not been charged with any crimes and testified under immunity, said Mr. Bankman-Fried had known that FTX and Alameda Research, a sister crypto trading firm, were on thin ice.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia Organizations: Alameda Research Locations: Bahamas

☆ Sam Bankman-Fried's defense team fails to land a blow as he takes the stand
▼ + stars: | 2023-10-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried took the stand in a New York courtroom on Thursday, as he and his defense team auditioned their best legal material for U.S. District Judge Lewis Kaplan. Bankman-Fried, the son of two Stanford legal scholars, has pleaded not guilty in the case. Several of these witnesses have themselves pleaded guilty to multiple charges, including Bankman-Fried's ex-girlfriend Caroline Ellison, who faces a maximum sentence of 110 years for crimes committed while she was the CEO of Alameda. Given that the core issue will be intent to defraud, SBF should be portraying himself as clueless, inattentive, and in over his head. But for years he had portrayed himself as a visionary genius, and I don't expect that to change on the stand," he said.

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Fried's, Mark Cohen, Dan Friedberg, SBF, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison Organizations: U.S, District, Stanford, U.S . Justice Department's Securities, Commodities, Alameda Research, Prosecutors Locations: New York, Manhattan, Chicago, Alameda

Defense lawyers estimated that they would question him for about five hours after brief testimony from two other witnesses. After prosecutors rested Thursday, defense lawyers immediately asked Judge Lewis A. Kaplan to acquit Bankman-Fried on the grounds that prosecutors had failed to present sufficient evidence. Bankman-Fried was arrested in the Bahamas and extradited to the United States last December, a month after his businesses collapsed. Kaplan revoked the bail in August after concluding that Bankman-Fried had tried to influence potential trial witnesses. Since then, his lawyers have complained that Bankman-Fried has been unable to properly prepare for trial while incarcerated at a Brooklyn federal lockup.

Persons: Sam Bankman, Fried, Judge Lewis A, Kaplan, acquit, Caroline Ellison, Bankman Organizations: — Prosecutors, Alameda Research, Palo, Stanford University, Bankman, Alameda Locations: Manhattan, California, Alameda, Bahamas, United States, Palo Alto , California, Brooklyn

☆ Sam Bankman-Fried built a career around big risks. Now he’s making his biggest wager yet
▼ + stars: | 2023-10-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —FTX founder and former CEO Sam Bankman-Fried has made a career out of risky bets that, for a while, paid off. Typically, defense attorneys advise their clients not to testify because it leaves them vulnerable to grilling by the prosecution. But at this point, Bankman-Fried doesn’t have much of a choice, legal experts say. Before his world came undone last year, Bankman-Fried was a rising star, even outside the insular world of crypto. It nonetheless helped to propel his star power and secure a $32 billion valuation for FTX.

Persons: New York CNN —, Sam Bankman, Fried, ”, Howard Fischer, Moses Singer, “, ” Fischer, Cory Booker, Caroline Ellison, Mary, — Organizations: New, New York CNN, Prosecutors, SEC Locations: New York

☆ FTX is considering 3 bids to restart the crypto exchange, report says
▼ + stars: | 2023-10-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

FTX is considering proposals from three bidders to relaunch the crypto exchange, Bloomberg reported. AdvertisementAdvertisementFTX, which dramatically imploded last November, is considering three bids to restart the crypto exchange, Bloomberg reported. Bloomberg reported that Cofsky told the judge that the options include selling the entire exchange, bringing in a partner to help restart it, or that FTX could relaunch the exchange itself. The legal team added that the crypto exchange had so far recovered $7.3 billion. AdvertisementAdvertisementSelling or relaunching FTX could be key to reimbursing customers who lost money after it shut down last year.

Persons: —, Kevin Cofsky, FTX, Cofsky, John Ray III, CoinTelegraph, Sam Bankman, Nishad Singh, Caroline Ellison, Gary Wang Organizations: Bloomberg, Service Locations: Delaware

☆ Sam Bankman-Fried to testify in FTX fraud trial, attorney says
▼ + stars: | 2023-10-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

FTX founder Sam Bankman-Fried will take the stand to testify in his own defense, his attorney said in a conference call Wednesday. The decision by his legal team sets him up for a cross-examination by federal prosecutors, who will be able to press him on the collapse of his crypto exchange FTX. Bankman-Fried's decision to testify came after federal prosecutors and his defense team were able to secure the alleged fraudster an adequate supply of his ADHD medication. The defense will also call three other witnesses besides Bankman-Fried to the stand, defense attorney Mark Cohen said on the call. Bankman-Fried stands accused of fraud and money laundering of his role in the collapse of the multi-billion dollar crypto exchange FTX.

Persons: Sam Bankman, Mark Cohen, Nishad Singh, Caroline Ellison, Fried, Dawn Giel Organizations: Prosecutors, Federal Bureau of, Alameda Research

☆ 11 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial
▼ + stars: | 2023-10-25 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

The stress of the scheme left a key executive 'suicidal for days'Nishad Singh testified against his former boss in court. Jane Rosenberg/ReutersNishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified. "In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.

Persons: Sam Bankman, —, Fried, Caroline Ellison, Gary Wang, Nashad Singh, SBF, Ellison, he'd, Nishad Singh, Jane Rosenberg, Reuters Nishad Singh, Singh, I'd, Wang, FTX's, Bankman, Sam, Adam Yedidia, Yedidia, FTX didn't, FTX, Michael M, Ellison Yedidia, Caroline, Getty, Alameda's, — Ellison, Christian Drappi, Drappi, Alameda — Ellison Organizations: Service, Prosecutors, Alameda Research, Street, Reuters, Bankman, NEW, Manhattan Federal Court, Getty, FTX, MIT, Alameda Locations: Manhattan, Brooklyn, FTX, Bankman, Alameda, United States, Bahamas, New York City, China, Alameda's Hong Kong

Sam Bankman-Fried will take the stand in his criminal trial, his lawyer said. AdvertisementAdvertisementSam Bankman-Fried plans to take the witness stand to testify in his own defense in the criminal fraud trial over FTX's collapse, according to his attorney Mark Cohen. In a hearing in federal court in downtown Manhattan Wednesday, Cohen said he would call three witnesses in Bankman-Fried's defense case, and then Bankman-Fried himself would testify. Prosecutors said they would bring two more witnesses before resting, turning things over to Bankman-Fried's lawyers to make their defense case. Earlier in the trial, Bankman-Fried's attorneys appeared to go back and forth on whether the FTX cofounder would take the stand.

Persons: Sam Bankman, —, Fried, Mark Cohen, Cohen, Prosecutors, Bankman, Caroline Ellison, Ellison, Eric Chaffee, Lewis Kaplan, Kaplan, Richard Painter, George W, Bush, Painter Organizations: Service, Prosecutors, Case Western Reserve University, University of Minnesota, White House Locations: Manhattan, Bankman, FTX

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. Elizabeth Holmes took the stand at her criminal trial, testifying over several days that she did not intend to defraud investors in her blood-testing startup, Theranos. For Bankman-Fried to be convicted of fraud, prosecutors must show beyond a reasonable doubt that he intended to defraud FTX customers or investors. Taking the stand carries the risk that he will be confronted with those media appearances as well as his use of social media. But Bankman-Fried has a lower-than-average fear of risk, according to trial testimony.

Persons: Sam Bankman, Fried, Amr Alfiky, Willkie Farr, Gallagher, Ilene Jaroslaw, Elizabeth Holmes, Holmes, Caroline Ellison, Ellison, Mike Schachter, Schachter, Tom Barrack, Donald Trump, Jean Boustani, District Judge Lewis Kaplan, Bankman, Jody Godoy, Tom Hals, Noeleen Walder, Jonathan Oatis Organizations: United, REUTERS, Prosecutors, Alameda Research, Massachusetts Institute of Technology, Detention, U.S, District, Thomson Locations: New York City, U.S, Alameda, Lebanese, Brooklyn's, New York

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