LIVE: Sam Bankman-Fried Takes the Stand for a Third Day in FTX Fraud Trial

NEW YORK — Sam Bankman-Fried volition proceed his defence Monday against allegations helium committed fraud and conspired to perpetrate different forms of fraud successful operating FTX and Alameda Research.

Mark Cohen, Bankman-Fried's attorney, said Friday helium has a fewer much hours' worthy of questions. The Department of Justice past expects cross-examination to widen into Tuesday, Assistant U.S. Attorney Danielle Sassoon said.

The one-time crypto speech CEO began sharing his story with a assemblage of New Yorkers connected Friday, arguing that FTX's illness was the effect of mistakes, including by immoderate of his lieutenants who held cardinal positions moving the companies, including erstwhile Alameda CEO Caroline Ellison. He'd antecedently testified earlier Judge Lewis Kaplan connected Thursday without jurors present, though overmuch of that grounds won't marque its mode to the jury.

"We thought that we mightiness beryllium capable to physique the champion merchandise connected the market, an speech that would harvester the elements that we thought were champion from accepted fiscal products with the elements we thought were champion from the large crypto ecosystem, that it could determination the – determination the ecosystem forward," helium testified Friday. "It turned retired fundamentally the other of that."

The MIT postgraduate walked done his enactment astatine Jane Street and the root of FTX and Alameda, earlier delving into immoderate of the missteps helium said led to past year's bankruptcy. These included Alameda's deficiency of hedges against the risks it was exposed to.

Bankman-Fried besides walked done immoderate of his companies' investments, his governmental donations and different issues prosecutors person said amusement helium intended to defraud his customers and investors. At points, the FTX laminitis seemed to contradict grounds provided by authorities witnesses – namely, his friends and erstwhile executives similar Ellison and FTX Head of Engineering Nishad Singh.