In a high-profile courtroom drama, former crypto tycoon Sam Bankman-Fried took the stand to testify before Judge Lewis Kaplan, shedding light on his actions in the face of serious accusations. Bankman-Fried’s defense included justifications for controversial actions, such as setting group chats to auto-delete, claiming compliance with legal guidance. However, prosecutors challenged the relevance of his reliance on legal counsel if full disclosure wasn’t ensured. The judge, expressing skepticism, postponed an immediate ruling on admissibility, BBC said in a report.
The 31-year-old entrepreneur faces charges of deceiving investors, misappropriating funds from clients of his now-defunct cryptocurrency exchange, FTX, and engaging in dubious financial practices. Bankman-Fried, defending his decisions, asserted that he had been following legal advice in good faith.
“Mr Bankman-Fried spoke clearly and confidently at the start, but wavered under a barrage of questions from prosecutor Danielle Sassoon, quizzing about when he had consulted lawyers and what he had told them when he did,” the coverage stated.
Asked if it was his understanding of Alameda was permitted to spend FTX customer funds, Mr Bankman Fried responded: “I wouldn’t phrase it that way but … yes.” — the coverage stated further.
Despite the risks associated with testifying, legal analysts anticipate Bankman-Fried’s decision to take the stand to present his version of events and counter the prosecution’s narrative. The final judgment rests on Judge Kaplan, who is set to rule on the admissibility of Bankman-Fried’s testimony on Friday.
