Disgraced FTX founder Sam Bankman-Fried will testify in his own defense, his lawyers confirmed at a court hearing in Manhattan on Wednesday.
As Bankman-Fried’s criminal trial enters its fourth week, the burning question has been whether the former CEO of the now-bankrupt exchange would take the stand. Although defendants typically do not testify in their own defense, for risk of self-incrimination, the unusual circumstances of Bankman-Fried’s case led many onlookers to suspect he would buck that trend.
Bankman-Fried is facing seven charges related to the collapse of FTX, with the Department of Justice alleging that he helped steal billions of dollars worth of customer assets. He pleaded not guilty to the charges.
Prosecutors spent the first three weeks of the trial presenting their case, including calling their star witnesses: three members of Bankman-Fried’s inner circle who testified that he’d instructed them to direct customer deposits from the exchange for their own purpose, from venture investments to luxury real estate to risky trades.
With evidence mounting against Bankman-Fried, and his defense attorneys struggling to poke holes in the prosecutors’ case, it seemed increasingly likely that he would testify. The fact that Bankman-Fried seeks the spotlight—a fact reiterated during the trial, including when prosecutors showed clips to the jury of his media tour after the spectacular collapse of FTX in November—also seemed to support the chances that he would take the stand. Court filings from his lawyers hinted at his eagerness to set the record straight, including asking for access to ADHD medication so he could concentrate better on preparing his defense.
At the hearing on Wednesday, Bankman-Fried’s attorney Mark Cohen confirmed his client would testify, possibly as early as Thursday. He added that the defense plans to call three witnesses—including a lawyer from the Bahamas, where FTX was based—before Bankman-Fried takes the stand.
The trial is scheduled to finish in early November, with the defense scheduled to begin presenting its case on Thursday.