Sam Bankman-Fried begins testifying in dangerous bid to beat FTX fraud costs

FTX Founder Sam Bankman-Fried arrives at court, surrounded by photographers and other people. One man appears to be holding Bankman-Fried around the torso and escorting him.

Enlarge / FTX Founder Sam Bankman-Fried arrives at US District Courtroom on March 30, 2023, in New York Metropolis after being hit with a felony cost for allegedly authorizing a bribe of no less than $40 million to a number of Chinese language authorities officers. (credit score: Getty Pictures | Michael Santiago )

Sam Bankman-Fried took the stand in his felony trial right now in an try and keep away from a long time in jail for alleged fraud at cryptocurrency change FTX and its affiliate Alameda Analysis.

Offering testimony has been known as a dangerous transfer for Bankman-Fried by many authorized observers. After answering questions posted by his personal attorneys, Bankman-Fried should face cross-examination from federal prosecutors. However after three weeks by which US authorities attorneys laid out their case, together with testimony from former FTX and Alameda executives, Bankman-Fried’s authorized workforce introduced yesterday that he would take the stand.

At this time’s testimony was uncommon as a result of US District Decide Lewis Kaplan despatched the jury residence for the day to conduct a listening to on whether or not sure components of his testimony are admissible. “Meaning Bankman-Fried will give a few of his testimony to the decide with out the jury current. The decide will then determine whether or not Bankman-Fried is allowed to say the identical testimony in entrance of a jury,” The Wall Avenue Journal wrote in its reside protection. The trial isn’t being streamed by way of audio or video.

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