Sam Bankman-Fried's Testimony: Admitting Mistakes, Denying Fraud, and Concerns over Management

Sam Bankman-Fried, the founder of FTX, testified in his own defense at his fraud trial, admitting to making "mistakes" but denying allegations of defrauding anyone or stealing billions of dollars from customers. Bankman-Fried blamed the collapse of the cryptocurrency exchange on oversight as an entrepreneur and sought to shift some blame onto Caroline Ellison, the former CEO of his Alameda Research hedge fund. He pleaded not guilty to charges of fraud and conspiracy. Bankman-Fried claimed that funds used for sponsorships and real estate came from the company's revenue or capital, not customer funds. He also distanced himself from the actions of former colleagues who testified against him. Prosecutors will cross-examine Bankman-Fried next week.