SBF’s risky gamble to testify concludes as FTX trial nears end

e government ended its cross-examination of Sam Bankman-Fried Tuesday, concluding a contentious clash in the trial’s final days as the FTX co-founder tried to convince a jury he didn’t steal billions of customer funds from his own cryptocurrency exchange.

The 31-year-old faces decades in prison on seven criminal fraud charges. Prosecutors say he lied to customers about how their funds on deposit with the exchange would be used and shifted billions to his cryptocurrency trading firm Alameda Research so the money could be spent on investments, political donations, and real estate.

Taking the stand was a risky gamble for the fallen crypto star. During three days of testimony, Bankman-Fried tried to argue that management screwups he and others made — and not fraud — were to blame for the undoing of the cryptocurrency exchange. FTX filed for bankruptcy in November 2022.

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