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NEWS: Sam Bankman-Fried denied in his trial that he had defrauded FTX users. As his final defense witness, the former FTX CEO attributed part of the blame for the cryptocurrency exchange's failure to Gary Wang and Nishad Singh.
Bankman-Fried pleaded not guilty to the seven charges against him, including fraud and conspiracy. Prosecutors allege that Bankman-Fried used client funds to prop up his own venture investments in Alameda Research, a crypto asset management company founded by Bankman-Fried.
In his statement, Bankman-Fried said the charges against him are "baseless" and that he never intended to defraud FTX users. He also said that Wang and Singh were responsible for some of the decisions that led to FTX's collapse.
In particular, Bankman-Fried said Wang and Singh were responsible for creating an accounting system that did not accurately reflect FTX's financial condition. He also said Wang and Singh were responsible for investing client funds in high-risk projects.
Bankman-Fried's lawyers argue that FTX's failure was caused by a combination of factors, including the decline of cryptocurrency markets and mismanagement by Wang and Singh.
The Bankman-Fried trial is in its final phase. The jury is deliberating the verdict.
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