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Sam Bankman-Fried testifies in his crypto fraud trial without jury present

Sam Bankman-Fried testifies in his crypto fraud trial without jury present

am Bankman-Fried did not make a scheduled appearance before the jury in his crypto fraud trial on Thursday, in a surprise decision that tamped the anticipation swirling around the high-profile case.

The former FTX executive instead testified without the jury present, so that the judge overseeing the case, Lewis Kaplan, could first decide what portions of his testimony are admissible.

“We’re in the home stretch,” Kaplan told jurors as he sent them home for the day, saying he knew it was a little surprising for them to have the rest of the afternoon off.

Bankman-Fried, 31, was the CEO of the bankrupt cryptocurrency exchange FTX, which collapsed as the industry crashed in late 2022. He has remained quiet through a three-week trial as former members of his inner circle testified that he directed them to commit crimes while running the business.

The court proceedings offered something of a test run for how Bankman-Fried plans to defend himself before jurors, indicating that he will attempt to clarify FTX encryption and data retention practices and explain away seemingly spurious movements of money.

Bankman-Fried’s planned testimony could now take place as soon as Friday.

Related: Former FTX executive says he was ‘embarrassed and ashamed’ of its excess

Bankman-Fried’s testimony comes after prosecution has presented 12 days of testimony in federal court in Manhattan. Witnesses have included his former business partners who say he directed them to divert customer funds to his hedge fund, Alameda Research, and lied to investors and lenders.

Prosecutors have accused Bankman-Fried of pillaging FTX for his own high-flying ends. He faces seven counts of wire fraud and conspiracy to launder money, felony charges that could carry sentences of decades in prison if he is convicted. He has pleaded not guilty to

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