Defense lawyers for Sam Bankman-Fried, the ousted CEO of the FTX crypto exchange, confirmed that Bankman-Fried is slated to take the stand on Thursday. Mark Cohen, Bankman-Fried’s legal counsel, stated that the testimony is expected to span the entire day, with cross-examination scheduled for Friday, news reports said.
Bankman-Fried’s decision to testify follows weeks of speculation and divided opinions among analysts. The former billionaire’s testimony, if it materializes, is anticipated to extend over multiple days, reflecting the gravity of the charges against him.
The defense has faced hurdles in securing witnesses for the trial, with Judge Kaplan denying all seven expert witnesses proposed by Bankman-Fried. However, Kaplan has left the possibility open for the defense to call four of them as rebuttals to government witnesses. Additionally, several motions in limine filed by Bankman-Fried’s legal team, pertaining to admissible arguments and evidence, have been denied by the judge.
Facing a myriad of charges, including fraud, Bankman-Fried could potentially be sentenced to decades in prison if convicted. The allegations center around claims that he and other FTX executives utilized billions of customer assets for their own unsuccessful investments. FTX filed for bankruptcy protection late last year, further complicating the legal landscape surrounding Bankman-Fried’s case. The upcoming testimony is poised to be a pivotal moment in this high-stakes trial.
