With the trial turning against him, Sam Bankman-Fried took what could be the biggest gamble of his life: The disgraced founder of the cryptocurrency exchange FTX testified in his own defense.
It did not go well.
Taking the stand was always going to be a risky move — one few criminal defendants make. And less than a minute into an unyielding cross-examination by the prosecution, it was clear why.
Time and time again, the U.S. government’s lawyers pointed to contradictions between what Bankman-Fried said in public and what he said — and did — in private, as they continued to build a case that he orchestrated one of the largest financial frauds in history.
For Bankman-Fried, the stakes are high. He’s been charged with seven criminal counts, including securities fraud, and if he is found guilty, he could spend the rest of his life in prison.
Here are four takeaways from Bankman-Fried’s testimony, which spanned three days, from Friday to Tuesday.
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