Monday, July 15, 2024

From the moment his cryptocurrency empire collapsed in November, Sam Bankman-Fried didn’t stop talking. Against the advice of his defense lawyers, Mr. Bankman-Fried embarked on a lengthy press tour to explain the failure of his FTX cryptocurrency exchange, giving interviews to TV anchors and obscure Twitter personalities. After he was charged with fraud and placed under house arrest, he invited reporters to visit him so he could continue defending his actions. On Friday, Mr. Bankman-Fried, 31, made an even riskier call: He took the stand to testify at his criminal fraud trial in federal court in New York. Over five and a half hours of testimony, Mr. Bankman-Fried denied that he had committed fraud or stolen from FTX’s customers, while emphasizing his efforts to make the exchange successful. But he also acknowledged that he had made mistakes, citing “significant oversights” that hurt FTX’s customers…

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