FTX CEO, known as 'King of Crypto', to provide testimony in fraud trial

Sam Bankman-Fried, the former boss of a cryptocurrency exchange who is currently on trial in the US for fraud, will be representing himself in court, according to his legal team. This decision comes just before the prosecution is expected to conclude their case. Bankman-Fried, 31, is accused of deceiving investors and lenders, as well as misappropriating funds from customers of his now-defunct cryptocurrency exchange, FTX. He denies all charges against him. Analysts had anticipated Bankman-Fried would testify during the trial in an attempt to challenge the evidence presented by the prosecution, which heavily relies on statements from his former friends and colleagues. These witnesses have remained credible under cross-examination, further complicating the case against Bankman-Fried. The prosecution alleges that he used funds deposited at FTX to repay lenders at his crypto trading firm, Alameda, and also diverted money for personal use, investments, political donations, and concealing these activities. Bankman-Fried's defense team argues that he operated according to "reasonable" business practices given the rapid growth of his companies. As a result, he may have little to lose by testifying, noting the prevailing strength of the prosecution's case so far. Legal experts, however, caution that taking the stand can be risky for defendants as it exposes them to questioning by prosecutors, potentially influencing the jury's perception of Bankman-Fried's credibility. Failure to convince the jury could result in a guaranteed conviction, according to Jacob Frenkel, a former federal prosecutor following the trial.