FTX founder Sam Bankman-Fried will take the stand to testify in his personal protection, his legal professional mentioned in a convention name Wednesday. The choice by his authorized group units him up for a cross-examination by federal prosecutors, who will have the ability to press him on the collapse of his crypto alternate FTX.
Bankman-Fried’s choice to testify got here after federal prosecutors and his protection group had been capable of safe the alleged fraudster an sufficient provide of his ADHD treatment. His protection had beforehand argued earlier than the courtroom that insufficient entry to the treatment impugned his capacity to take part in his protection.
The FTX co-founder’s authorized group will start its protection instantly after the federal government finishes its case, which is predicted to happen Thursday morning. Prosecutors have one remaining witness to name, an FBI agent who will function a abstract witness.
The protection may even name three different witnesses moreover Bankman-Fried to the stand, protection legal professional Mark Cohen mentioned on the decision.
His attorneys had opposed the federal government’s request to start their protection instantly after the federal government rested its case in a submitting Tuesday night time.
It’s broadly thought of to be a dangerous maneuver. Whereas his protection group will have the ability to query him and the previous billionaire would have the ability to present his personal narrative on the collapse, it additionally opens up Bankman-Fried to a cross-examination by federal prosecutors. Up to now, the prosecution has known as up a number of of Bankman-Fried’s prime executives to testify, together with Nishad Singh and Caroline Ellison, his one-time romantic companion and former CEO of Alameda Analysis.
Bankman-Fried stands accused of fraud and cash laundering in his function within the collapse of the multibillion-dollar crypto alternate FTX. Because the firm filed for chapter, Bankman-Fried has been accused of systematically pilfering billions in buyer belongings from the alternate’s reserves to fund political contributions, actual property acquisitions and high-profile sponsorship offers.
The federal government has additionally introduced in depth proof to assist its claims, together with Sign chats and inside paperwork, which prosecutors allege present how Bankman-Fried orchestrated the spending of buyer funds.
— CNBC’s Daybreak Giel contributed to this report.
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