Due to his involvement in the demise of his #cryptocurrency exchange, #ftx , Sam Bankman-Fried is currently on trial for multiple fraud charges.
He entered a not guilty plea. Following 12 days of testimony from the prosecution, Bankman-Fried's attorneys announced that he would take the stand to defend himself.
Bankman-Fried gave a testimony on Friday, denying having defrauded anyone but admitting that his creative venture, which he had believed would advance the #crypto ecosystem, had instead harmed clients.
Due to the dangers of cross-examination, criminal defence lawyers counsel their clients against testifying. However, legal experts interpret this action as a last-ditch effort to convince juries that he never meant to defraud the users of the cryptocurrency exchange out of billions of dollars.
Given the negative portrayal of his character painted by insiders during weeks of testimony against him, Bankman-Fried has little to lose by defying expectations and testifying.
Bankman-Fried might spend decades behind bars if found guilty.
