FTX crypto-currency exchange founder Sam Bankman-Fried plans to testify in his own defence at his criminal fraud trial in New York.
His attorney Mark Cohen said his client would take the witness stand, potentially as early as today – marking a high-stakes bid to convince a jury of his innocence. He faces life in prison if he is found guilty.
Bankman-Fried has pleaded not guilty to charges he looted billions of dollars of FTX customer funds to plug losses at Alameda Research
FTX collapsed in November last year in the biggest scandal yet to engulf the crypto industry.
Bankman-Fried, 31, has pleaded not guilty to charges he looted billions of dollars of FTX customer funds to plug losses at his Alameda Research hedge fund, make speculative venture investments, and donate more than $100m to US political candidates and campaigns. Three former members of his inner circle at FTX and Alameda have testified that he directed them to commit fraud.
Bankman-Fried has acknowledged mistakes at FTX and Alameda, but said he never knowingly committed fraud. Experts said taking the stand will give him an opportunity to win jurors over after witnesses painted an unflattering portrait of him.
But testifying comes with significant risks for defendants such as Bankman-Fried.
It will expose him to probing crossexamination by prosecutors who would come armed with documents, messages and testimony from cooperating witnesses that they can use to attack his credibility.
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