SBF Trial: Ex-CEO Claims He Did Not Defraud FTX Customers, Tells It to the Jury

The prolific and controversial trial of Sam Bankman-Fried that centers on his alleged crimes and wrongdoings had the ex-CEO going on the stand and telling the jury that he did not defraud FTX's customers. For many weeks since the trial commenced, Bankman-Fried remained silent and let his legal team do the talking, with his former colleagues and partners testifying against him, detailing his actions.

Sam Bankman-Fried Claims He Did Not Defraud FTX Customers

Sam Bankman-Fried was finally given the chance to take the stand, and here, the CEO wasted no time in letting his voice be heard in front of the jury, with his recent claim stating that he did not defraud FTX customers.

In the questioning done by his lawyer, Mark Cohen, he was asked if he took funds or defrauded customers, to which the disgraced CEO answered "No, I did not."

He also revealed in his time at the stand that their goal was to bring the "best [crypto exchange] product on the market" back when he and co-founder Gary Wang was starting the company in 2019. However, he also claimed that this did not turn out as what they wanted it to be, leading to many people getting hurt, not only within FTX but also its customers and investors.

SBF Trial This Week: Ex-CEO Finally Testified in Front of Jury

After a long time of sitting and hearing the many proceedings of the court, Judge Lewis Kaplan finally granted Bankman-Fried a chance to speak in front of the jury, and this was after yesterday's jury-less testification in court. According to The Verge, Bankman-Fried was surprisingly cooperative, concise, and clear with what he had to say to the jurors, unlike last Thursday's proceedings.

The US v. Sam Bankman-Fried Criminal Trial

October 3 marked the start of one of the largest criminal trials in crypto history, with some regarding this as the "trial of the century," as Sam Bankman-Fried faces the deliberation of his alleged actions in front of the court. However, this trial was not made public, with no audio or video, unlike the other ones, with the scoops centering on the lawyers, reports, and people present in the courtroom to share.

Since it began, one of the most significant events here is the testimony of Bankman-Fried's former lover and former Alameda Research CEO, Caroline Ellison, who spilled a lot when given the chance on the stand. Ellison went as far as to say that SBF directed her into taking money from FTX customers to use for Alameda's needs, particularly in paying off loans and investors.

Bankman-Fried wanted to take the stand and speak his heart out, and with him given the initial opportunity to go and testify, seeing the dismissal of the jury, as ruled by Judge Kaplan. This Friday, SBF got his moment to express himself in front of the jury and answer the questions from his lawyers, saying that he did not defraud the FTX customers during his leadership.