Bankman Fried testifies in his US cryptocurrency trial

Sam Bankman Fried, founding father of collapsed cryptocurrency change FTX, plans to take every other high-stakes gamble and testify in his personal protection in his felony fraud trial.

Bankman-Fried’s resolution to face trial comes after 3 weeks of devastating testimony from the 31-year-old accused of stealing billions of greenbacks from shoppers.

Prosecutors advised Pass judgement on Lewis Kaplan they’re going to wrap up their case on Thursday and hand it over to the protection, which stated it plans to name 4 witnesses, together with Bankman-Fried.

Mark Cohen, Bankman-Fried’s legal professional, didn’t say in what order he plans to give his witnesses, however his consumer may testify as early as Thursday.

Bankman Fried, as soon as one of the crucial revered figures within the cryptocurrency house, has been charged with seven counts of fraud, embezzlement and felony conspiracy.

If convicted, he may face an efficient lifestyles sentence of greater than 100 years.

In only some years, the MIT graduate has became his FTX platform into the sector’s second-largest cryptocurrency change – making him a tech billionaire.

However his empire started to resolve closing November when a information file recommended dangerous ties between FTX and Alameda Analysis, the buying and selling company individually owned via Bankman Fried.

Amid the mounting revelations, main buyers pulled their cash out of FTX, briefly plunging it out of business.

There may be nonetheless about $8.7 billion lacking after the placement has stabilized, in keeping with the judicial guard appointed to regulate the liquidation.

Bankman-Fried denied taking people’s cash, and blamed his former colleagues for the placement.

However key witnesses in fresh weeks, all former workers of FTX or Alameda, have refuted his tale.

Subsidized via interior paperwork compiled via prosecutors, they stated he used to be at the back of the violations and didn’t forget about the monetary state of affairs of FTX and Alameda.

His ex-girlfriend supplies compelling proof

Amongst the ones taking the stand is Caroline Ellison, Bankman-Fried’s former industry spouse and female friend.

It offered compelling proof in opposition to him and equipped main points of his management, announcing he used to be serious about all main selections.

Ellison, a Stanford arithmetic graduate, used to be appointed via Bankman-Fried in 2021 to move the Alameda corporate, whose actions have been in large part funded with cash from FTX shoppers with out their wisdom.

She pleaded accountable to fraud fees and agreed to cooperate with prosecutors, as did two different friends of Bankman-Fried.

Bankman-Fried’s resolution to testify in his personal protection is strange in a rustic the place felony defendants typically refuse to testify as a result of they’ve to stand cross-examination and possibility incriminating themselves.

Hollywood manufacturer Harvey Weinstein, comic Invoice Cosby, singer R. Kelly and drug trafficker Joaquin “El Chapo” Guzman have been some of the high-profile defendants who refused to testify of their fresh trials.

A Cornell College learn about of masses of trials printed in 2009 discovered that 77% of defendants who selected to testify have been convicted whilst 72% of those that refused to testify have been convicted.

© 2023 Agence France-Presse