Sam Bankman-Fried's Risky Testimony Backfires in FTX Trial

Sam Bankman-Fried, former crypto mogul, wrapped up his testimony in his own defense in his criminal fraud trial, claiming he was unaware of the alleged fraud until shortly before his business collapsed. Bankman-Fried denied knowledge of his hedge fund, Alameda Research, spending $8 billion in customer deposits from his crypto trading platform, FTX, until overhearing a conversation among employees. He admitted to being a disengaged boss but denied being a fraudster. Bankman-Fried's version of events contradicted the testimony of his former deputies, who claimed they committed financial crimes under his direction. The prosecution also questioned Bankman-Fried's relationship with Bahamian government officials and his lavish lifestyle. The trial is expected to conclude with closing arguments and jury deliberations.