Sam Bankman-Fried to testify in federal fraud trial, attorney says

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, will testify in a federal fraud trial, according to one of his attorneys. Bankman-Fried’s trial is expected to last several days. He will testify in support of Leonard Law, who is accused of defrauding investors in a cryptocurrency investment scheme, Bankman-Fried’s attorney told Reuters. Bankman-Fried and his company allegedly profited from the scheme during Law’s tenure as CEO. The prosecution claims that Law and his associates deceived investors by failing to disclose the risks associated with their investments. Bankman-Fried’s involvement in the case is limited to being a witness for the defense. However, his testimony may offer greater insight into the cryptocurrency industry, particularly related to capital raising and investments in new cryptocurrencies.