FTX cryptocurrency exchange founder Sam Bankman-Fried plans to testify at his criminal fraud trial, his defense lawyer said.
Bankman-Fried’s defense lawyer, Mark Cohen, made the announcement during a telephone hearing on Wednesday.
Bankman Fried, 31, is charged with seven criminal counts of securities fraud, wire fraud, and conspiracy to launder money. Prosecutors say he looted billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund, make speculative venture investments, and donate more than $100m to US political candidates and campaigns. He has pleaded not guilty to all charges.
Three former members of Bankman-Fried’s inner circle at FTX and Alameda testified during his trial earlier this month that he directed them to commit fraud.
Prosecutors are expected to rest their case on Thursday after a weeklong break. The defense is then expected to begin presenting its case.
More details soon…