SBF defends FTX spending and irritates judge during testimony

FTX’s Sam Bankman-Fried (SBF) testified in a New York courtroom on Friday, defending himself against the criminal fraud charges in the biggest crypto scams in history.

SBF denied all accusations, including defrauding and embezzling billions, and justified spending on political campaigns, Super Bowl ads and celebrity endorsements.

He offered lengthy explanations during the session, prompting Judge Lewis Kaplan to intervene. 

He also distanced himself from the monetary losses of FTX’s sister investment firm, Alameda Research.

The fallen crypto king faces seven criminal counts, including wire fraud and money laundering. He could spend his entire lifetime in prison if convicted.

SBF will continue his testimony on Monday.