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Sam Bankman-Fried to testify

Sam Bankman Fried

FTX founder Sam Bankman-Fried plans to testify at his criminal fraud trial, his lawyer Mark Cohen says.

Cohen made the announcement during a telephone hearing on Wednesday (UTC), according to reports.

Bankman-Fried, 31, is on trial in New York over the 2022 collapse of the now-bankrupt cryptocurrency exchange he started and ran.

He has pleaded not guilty to seven charges of fraud, conspiracy and money laundering over the collapse. 

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Prosecutors allege Bankman-Fried used customer funds to plug losses at his hedge fund Alameda Research, and to buy real estate in the Bahamas and donate to US political campaigns.

According to CNBC, Bankman-Fried’s decision to testify comes after his legal team was able to get him access to his ADHD medication. They had argued that he needed the medication to be able to participate in his defense. 

Earlier this month, three members of Bankman-Fried’s inner circle at FTX – including his ex-girlfriend Caroline Ellison – testified against their former boss.

Bankman-Fried is expected to begin testifying on Thursday after the prosecution calls its final witness. 

*Note that the portrait image heading this article is AI-generated, based on Sam Bankman-Fried’s likeness (Polemos/MidJourney)

Polemos staff

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