Sam Bankman-Fried awaits chance to tell his side of story in epic cryptocurrency exchange collapse

economictimes.indiatimes.com:

FTX founder Sam Bankman-Fried rested on Thursday, setting the stage for him to testify about how his multibillion-dollar cryptocurrency empire collapsed, causing billions of dollars in losses that prosecutors blame on his extravagant spending on investments, donations and a lavish lifestyle.

His testimony was likely to begin by afternoon, a day after his lawyer told a Manhattan federal court judge that his client planned to testify in his defense. Defense lawyers estimated that they would question him for about five hours after brief testimony from two other witnesses.

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After prosecutors rested Thursday, defense lawyers immediately asked Judge Lewis A. Kaplan to acquit Bankman-Fried on the grounds that prosecutors had failed to present sufficient evidence. The judge rejected the request.

The California entrepreneur has pleaded not guilty to conspiracy charges accusing him of diverting billions of dollars from his clients and investors to make risky investments, buy luxury housing, engage in a star-studded publicity campaign and make large political and charitable donations.

Bankman-Fried, 31, has remained quiet through a three-week trial as several members of his executive inner circle have testified against him in cooperation deals they made with the government before pleading guilty to criminal charges.

In their testimony, the executives insisted that Bankman-Fried directed them to spend billions of dollars