FTX founder Sam Bankman-Fried began testifying at his fraud trial on Friday, telling the jury that he never took and used customer funds for his own benefit, and he never defrauded anyone.FTX founder Sam Bankman-Fried is shown being questioned Thursday by a prosecutor in this court sketch of the proceedings.
Bankman-Fried, 31, acknowledged some of his failures early in his testimony, saying he made mistakes, large and small.The goal was to move the cryptocurrency ecosystem forward, he added. The California entrepreneur has pleaded not guilty to conspiracy charges accusing him of diverting billions of dollars from his clients and investors to make risky investments, buy luxury housing, engage in a star-studded publicity campaign, and make large political and charitable donations.
Though he was initially granted a $250 million US personal recognizance bond and allowed to live with his parents in Palo Alto, Calif., the bond was revoked in August and he was jailed when Judge Lewis A. Kaplan concluded that he had tried to influence potential witnesses at his upcoming trial.Celebs like Tom Brady, Larry David did ads for crypto giant FTX. Now they're getting sued