In his long-awaited testimony, FTX co-founder Sam Bankman-Fried said that he didn’t defraud anyone. Indeed, Bankman-Fried finally took the stand amid a fraud trial that sees him facing more than 100 years in prison. There, he addressed the charges against him and his culpability in the collapse of the exchange.
Bankman-Fried took the stand yesterday for the first time with no jury present in the trial’s most anticipated development. Subsequently, he was asked about the legality of his actions helming the FTX exchange. Yet, he has continually maintained his own innocence.
Also Read: Sam Bankman-Fried Believed Taking FTX Customer Funds Via Alameda Was Legal
Sam Bankman-Fried Claims He Did Not Defraud Anyone
The collapse of FTX remains one of the most controversial developments in the entire digital asset industry. Once a pillar of strength for the sector, the company was unveiled as fraudulent in its practices. Moreover, co-founder Sam Bankman-Fried was charged with committing one of the largest financial crimes in US history.
Now, amid his ongoing trial, Bankman-Fried has finally taken the stand, to which he has testified that he didn’t defraud anyone. Indeed, the shocking testimony arrived after Bankman-Fried stated his belief that taking FTX deposits through hedge fund Alameda Research was legal.
Also Read: Bankman-Fried Planned Meeting With Bill Clinton Prior to FTX Fall
Additionally, during the testimony yesterday, Bankman-Fried stated that FTX lawyers had advised him. Specifically, he discussed advice from lawyers, in which he was asked if he took “comfort in that the lawyers structured it?” Bankman-fried replied with a succinct “Yes.”
The former CEO of FTX has consistently stated his innocence regarding the collapse of the platform. Moreover, the trial has seen him defend against claims that he orchestrated the use of more than $8 billion in customer funds for investments. Subsequently, his testimony is the first time his version of events has truly been granted to jurors.