Former FTX Chief Government Sam Bankman-Fried, who faces fraud prices over the collapse of the bankrupt cryptocurrency trade, walks outdoors the Manhattan federal courtroom in New York Metropolis, U.S. March 30, 2023.
Amanda Perobelli | Reuters
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 be capable of press him on the collapse of his crypto trade FTX.
Bankman-Fried’s determination to testify got here after federal prosecutors and his protection group had been in a position to safe the alleged fraudster an satisfactory provide of his ADHD treatment. His protection had beforehand argued earlier than the courtroom that insufficient entry to the treatment impugned his potential to take part in his protection.
The FTX co-founder authorized group will start its protection instantly after the federal government rests its case, which is predicted to happen Thursday morning. Prosecutors have one remaining witness to name, a Federal Bureau of Investigation agent who will function a abstract witness.
It’s broadly thought of to be a dangerous maneuver. Whereas his protection group will be capable of query him, and the previous billionaire would be capable of present his personal narrative as to 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 high 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 of his function within the collapse of the multi-billion greenback crypto trade FTX. Because the firm filed for chapter, Bankman-Fried has been accused of systematically pilfering billions in buyer belongings from the exchanges reserves, to be able to fund political contributions, actual property acquisitions and excessive profile sponsorship offers.
CNBC’s Daybreak Giel contributed to this report.
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