Sam Bankman-Fried to testify in federal fraud trial, attorney says
Sam Bankman-Fried, the CEO of the cryptocurrency derivatives trading platform FTX, is set to testify as a witness in a federal fraud trial in California.
According to a statement from his attorney, Bankman-Fried has been subpoenaed by the U.S. Department of Justice to testify in the trial of an alleged cryptocurrency fraudster, which is set to start on June 4.
The DOJ alleges that the defendant, Paul R. Gill, defrauded investors out of more than $24 million by luring them into investments in a cryptocurrency fund — when the funds did not actually exist.
Bankman-Fried is a well-known figure in the cryptocurrency industry and is reportedly set to be part of the prosecution’s team of witnesses in the case. It is not yet known what he will be asked to testify about or how his testimony might affect the prosecution’s case.
According to reports, the trial will last for up to two weeks. It is unclear what Bankman-Fried’s exact role will be in the case, or when his testimony will be scheduled.