Sam Bankman-Fried to Testify at the Ongoing Criminal Trial
- Sam Bankman-Fried will testify as part of his defense and will be cross-examined by the prosecutors.
- The Bankman-Fried trial was put on hold on October 19 and is scheduled to resume on October 26.
- If convicted, SBF could face several decades or even a lifetime behind bars.
Attorneys representing former FTX CEO Sam Bankman-Fried (SBF) have confirmed that he will testify in the ongoing criminal trial as part of his defense. SBF’s lawyer revealed this during a conference call on Wednesday. Bankman-Fried’s decision to stand trial will allow federal prosecutors to cross-examine him about the collapse of FTX.
Bankman-Fried’s lawyers reportedly agreed to allow him to take the stand after they were able to secure an adequate quantity of his ADHD medicine. His lawyers had previously claimed that the 31-year-old could not effectively participate in his defense given that he did not have appropriate access to the medication.
SBF’s legal team plans to call on three key witnesses to take the stand after the prosecutors conclude their case on Thursday morning. Prosecutors reportedly have one more witness, an FBI agent.
Bankman-Fried’s defense lawyer Mark Cohen claims the defense will likely question the three possible witnesses—a Bahamas-based lawyer, Joseph Pimbley of the litigation consulting firm PF2 Securities, and a witness who would testify regarding the roles and responsibilities of former FTX employees—in no more than three days.
Bankman-Fried’s proposed move to take the stand is often seen as a dangerous move. Federal prosecutors will have the opportunity to cross-examine the FTX founder, which many believe leaves him vulnerable and decreases his chances of coming out unscathed.
On the other hand, the former FTX executive and crypto billionaire will be able to share his version of events leading up to the collapse. Several of Bankman-Fried’s senior executives and friends, such as Nishad Singh and Caroline Ellison, CEO of Alameda Research, have been called to testify by the prosecution thus far.
Prosecutors charged Sam Bankman-Fried with multiple counts of fraud and money laundering due to his supposed role in the collapse of FTX. Prosecutors claim SBF stole billions in customer assets and used the funds to finance high-profile sponsorship deals, invest in real estate, and make large political contributions. Additionally, prosecutors have provided several pieces of evidence to back their claims, including internal records and signal communications.
Bankman-Fried entered a not-guilty plea to seven counts of conspiracy, fraud, and money laundering. The former crypto businessman could face up to a life behind bars if found guilty. Some crypto enthusiasts wonder what evidence Bankman-Fried could offer the jury to disprove the version of events provided by other witnesses.
SBF has a history of voicing his opinions on social media, particularly following the demise of FTX. The 31-year-old conducted interviews with reporters, launched a Substack newsletter, and sent out several tweets attempting to explain FTX’s collapse.
His defense team has a huge job of convincing the jury against overwhelming facts.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
