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Sam Bankman-Fried Will Testify in His Criminal Trial: Reports

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The former FTX CEO will take the stand in his own defense. He faces multiple fraud and conspiracy charges.

SBF, Courtroom, SDNY, FTX trial

Former FTX CEO Sam Bankman-Fried

Photo by Unchained

Posted October 25, 2023 at 12:20 pm EST.

Sam Bankman-Fried, the founder and former CEO of collapsed crypto exchange FTX, will testify in his ongoing criminal trial, defense lawyer Mark Cohen said on a conference call on Wednesday as reported by multiple media outlets.

The once lauded Bankman-Fried was charged by U.S. prosecutors in Manhattan on multiple counts of fraud, conspiracy and money laundering related to the Nov. 2022 collapse of FTX after a CoinDesk report showed a liquidity crisis at sister firm Alameda Research.

Bankman-Fried’s testimony, which would open him up to cross-examination, will begin once the government finishes outlining its case, which is expected to happen Thursday morning. The prosecution has one more witness to call, Federal Bureau of Investigations agent Mark Troiano.

Other than Bankman-Fried, the defense only has plans for a few witnesses, including financial services expert Joseph Pimbley of litigation consulting firm PF2 Securities and a potential lawyer from the Bahamas, where FTX was headquartered.

Bankman-Fried’s defense follows three weeks of the government laying out its case, alleging his involvement in defrauding FTX customers and investors and conspiring with fellow executives. Some of Bankman-Fried’s conspirators, including Ryan Salame and Alameda CEO Caroline Ellison, have already pleaded guilty and testified against the founder, though the defense plans to question those testimonies.

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