This summary text is fully AI-generated and may therefore contain errors or be incomplete.
In a recent development, FTX founder Sam Bankman-Fried has decided to take the stand in his defense against charges of fraud and money laundering related to the collapse of his cryptocurrency exchange. This decision, confirmed by his lawyer, is seen as a risky maneuver as it will subject Bankman-Fried to cross-examination by federal prosecutors. Previously, his defense team had argued that resolving his access to medication for ADHD was necessary for his full participation in the defense, and now that the medication issue has been resolved, Bankman-Fried will testify in his defense. The defense plans to call three other witnesses during the trial proceedings. The prosecution has already called several top executives, including Bankman-Fried’s former romantic partner and the former CEO of Alameda Research, to testify. If convicted, Bankman-Fried could face up to 14 years in prison. The trial is ongoing, and further developments and testimonies will determine the outcome of this high-profile legal battle. Meanwhile, FTX’s native token, FTT, has been exhibiting a positive trend in line with the overall market and the leadership of Bitcoin.