NASSAU, BAHAMAS — FTX co-founder Sam Bankman-Fried is expected to testify in his ongoing fraud trial, a move aimed at bolstering his defense against charges alleging his involvement in a massive, years-long fraud scheme.
This revelation was made by his lawyer during a teleconference on Wednesday. Bankman-Fried’s anticipated testimony could occur as soon as today, according to his legal counsel, Mark Cohen.
Bankman-Fried’s testimony is considered crucial in refuting the US government’s allegations that he orchestrated fraudulent activities while overseeing the one-time cryptocurrency exchange giant, FTX.
The government’s case, now in its fourth week, has heavily relied on the testimonies of several former FTX executives and those from its sister trading company, Alameda Research. Among these witnesses is Caroline Ellison, the former Alameda CEO, who had a personal relationship with Bankman-Fried at certain times.
FTX was headquartered in The Bahamas, where Bankman-Fried was arrested in December 2022 and subsequently charged in connection with the mismanagement of the failed cryptocurrency exchange, FTX, which experienced a liquidity crisis and eventual bankruptcy.
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