Sam Bankman-Fried's Testimony Reveals Oversights and Denies Fraud in FTX Trial

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, testified in his criminal trial that he did not commit fraud or take customer funds. Bankman-Fried faces seven criminal counts, including wire fraud and money laundering, which could result in a life sentence if convicted. The trial has featured testimony from former FTX leaders and members of sister hedge fund Alameda Research, who have accused Bankman-Fried of using customer funds for personal expenses. Bankman-Fried admitted to significant oversights in risk management but denied defrauding anyone or misusing customer funds. The defense's case hinges on whether the jury believes Bankman-Fried did not intend to commit fraud.