The Crypto Roundup: 26 October 2023 | CryptoCompare.com

The founder of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, is set to take the stand in his own defense at his fraud trial in New York, according to his attorney Mark Cohen.

Cohen revealed his client’s decision at a hearing with prosecutors and the judge overseeing the case, with Bankman-Fried expected to testify today after federal prosecutors call their final witness.

Bankman-Fried is charged with orchestrating a fraudulent scheme that siphoned up to $10 billion from FTX’s customers, with prosecutors saying he used the stolen funds for political contributions, real estate purchases, and other extravagant spending.

The former CEO of FTX denies any wrongdoing and entered a not guilty plea to seven counts of fraud, conspiracy, and money laundering. If found guilty, he could face a potential life sentence.

Prosecutors have, over the first three weeks of trial, called his close friends and colleagues as witnesses, who testified Bankman-Fried lied to customers, investors, and lenders.

Bankman-Fried’s defense is planning to call three additional witnesses, including a financial services consultant who is expected to testify on the finances of FTX and Alameda Research, and a Bahamian lawyer who was involved in the case, as well as an expert on the preservation of corporate records.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/26/