Former crypto boss Sam Bankman-Fried, who is currently on trial in the US for fraud, will be presenting his own defense, according to his legal team.
This decision has been made just before the prosecutors are about to conclude their case.
The 31-year-old has been accused of deceiving investors and lenders, as well as stealing money from customers of his now-insolvent cryptocurrency exchange, FTX.
Mr. Bankman-Fried, who is expected to testify as early as this week, denies all charges brought against him.
In the US, defendants are not obligated to testify during trials, and it is often advised against, as it exposes them to questioning by prosecutors.
Furthermore, it allows the jury, who will be deciding the verdict, to form their own opinions, which may not be favorable.
“If the jury does not believe him, it’s a guaranteed conviction,” explained Jacob Frenkel, a former federal prosecutor who has been closely following the trial, when speaking to the BBC earlier this month.
Many analysts who have been following this case, however, had anticipated that the former entrepreneur would take the stand in an attempt to present his own narrative and challenge the prosecutors’ account.
The evidence presented against him has largely relied on statements from three of his closest friends and colleagues, who have already pleaded guilty.
These individuals have linked Mr. Bankman-Fried to decisions involving the use of funds deposited at FTX to repay lenders of his crypto trading firm, Alameda Research.
They have also claimed that he used the money for investments, political donations, and property purchases.
Throughout the trial, these witnesses have maintained their credibility despite extensive questioning.
Mr. Bankman-Fried’s defense team has argued that he followed “reasonaable” business practices as his companies experienced rapid growth.
The former entrepreneur, who has been open to speaking publicly in the past, appears to have little to lose by testifying, given the strength of the prosecutors’ case thus far, according to Carl Tobias, a law professor at the University of Richmond.
“I don’t know that there’s much downside in this case for him to testify,” he commented.
Elizabeth Holmes is among the notable defendants who have chosen to testify in their own defense.
The founder of blood-testing startup Theranos argued that she did not have any intention to defraud investors, but she was ultimately convicted of four out of 11 charges and sentenced to over 11 years in prison.
However, testifying can also yield positive results. Tom Barrack, a former private equity executive and fundraiser for former President Donald Trump, as well as Lebanese businessman Jean Boustani, both took the stand in separate, unrelated criminal cases and were acquitted.
