Sam Bankman-Fried begins testifying in risky bid to beat FTX fraud charges

Enlarge / FTX Founder Sam Bankman-Fried arrives at US District Court on March 30, 2023, in New York City after being hit with a criminal charge for allegedly authorizing a bribe of at least $40 million to one or more Chinese government officials. (credit: Getty Images | Michael Santiago )

Sam Bankman-Fried took the stand in his criminal trial today in an attempt to avoid decades in prison for alleged fraud at cryptocurrency exchange FTX and its affiliate Alameda Research.

Providing testimony has been called a risky move for Bankman-Fried by many legal observers. After answering questions posted by his own lawyers, Bankman-Fried will have to face cross-examination from federal prosecutors. But after three weeks in which US government attorneys laid out their case, including testimony from former FTX and Alameda executives, Bankman-Fried's legal team announced yesterday that he would take the stand.

Today's testimony was unusual because US District Judge Lewis Kaplan sent the jury home for the day to conduct a hearing on whether certain parts of his testimony are admissible. "That means Bankman-Fried will give some of his testimony to the judge without the jury present. The judge will then decide whether Bankman-Fried is allowed to say the same testimony in front of a jury," The Wall Street Journal wrote in its live coverage. The trial is not being streamed via audio or video.