Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
You’ve already heard the news. Sam Bankman-Fried is going to testify in his own criminal trial. Probably later today.He’s said so much already. In the month between FTX’s collapse and his arrest in the Bahamas, Sam spun a story for the cameras of the world. In his telling, the crypto exchange’s early November meltdown wasn’t because it had illegally loaned a bajillion dollars of customer deposits to his hedge fund, Alameda. Or maybe it was. But if it was, he sorta didn’t know about it.
When Sam gave that broadcast interview – his best, first chance to tell his tale to as many normal people as possible – he assumed a unique position of authority as to FTX and its downfall. Sure, there werethat hinted at nefarious deals, like Caroline’s alleged tell-all to employees of Alameda, but those were all hearsay. Against that: Sam’s heady opportunity to be a first-person narrator. Caroline wasn’t saying her side directly to the public. HE could, so he did.
Stephanopoulos pushed and pushed Sam on whether he knew about Alameda robbing FTX’s piggy bank, as the press alleged Caroline had said he did. Refusing to take Sam’s dodging, the interviewer conjured up a prescient scenario. I’ll transcribe it here. Once that's done, a little past 10:00 a.m. ET, the defense starts its turn, and plans to call Krystal Rolle, a Bahamas attorney who represented Bankman-Fried and was present at a meeting with the country’s securities regulator that former FTX executive Gary Wang testified about. There's a little bit of controversy here, as the DOJ says it only just heard about Rolle, and the judge has ordered the defense to provide more information.
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