Sam Bankman-Fried Testifies at Trial: Former Crypto Boss Faces Questions on Legal Advice and Evidence Admissibility
Sam Bankman-Fried, the former boss of a cryptocurrency exchange, has taken the stand in his trial. The 31-year-old entrepreneur is facing accusations of lying to investors, stealing money, and other fraudulent activities related to his bankrupt cryptocurrency exchange, FTX. Bankman-Fried defended his actions, stating that he acted in good faith based on legal advice. The judge sent the jury home to determine which parts of Bankman-Fried’s testimony would be admissible as evidence, providing a practice run before potential jury proceedings. Prosecutors have objected to his arguments, claiming that legal advice is irrelevant if attorneys were not fully informed. The judge has yet to rule on the admissibility of Bankman-Fried’s testimony. If found guilty, he could face a life sentence in prison. Despite the risks, Bankman-Fried’s decision to testify aims to present his version of events and challenge the prosecutors’ narrative. The trial has relied on statements from former colleagues who have pleaded guilty, alleging fraudulent activities and fund transfers. Bankman-Fried’s defense team argues that he followed reasonable business practices and never intended fraud. Testifying in one’s defense can be risky but has seen both convictions and acquittals in high-profile cases. The outcome of Bankman-Fried’s trial remains to be seen.