Day 2 on the stand — and Sam Bankman-Fried recalls next to nothing

Prosecutor Danielle Sassoon brought receipts as she asks Bankman-Fried about his past statements

article-image

Artwork by Crystal Le

share

A little more than an hour into his cross examination, Sam Bankman-Fried — potentially the last witness in his own criminal trial — appears to be having a hard time recalling some key details. 

“Would you agree you know how to tell a good story,” lead prosecutor Danielle Sassoon asked early on during the cross examination. 

“It depends on what metric you use,” Bankman-Fried replied. 

Sassoon went on to produce document after document in an effort to prove the former crypto mogul made misleading statements to investors and customers, both before and after his exchange collapsed. 

“Isn’t it true that you said,” Sassoon started a myriad of her questions, going on to cite specific examples of Bankman-Fried making public statements about the safety of FTX and how it operated. 

“No, but I may have,” Bankman-Fried responded. Six times. 

Read more: Prosecution grills SBF on ‘f*ck regulation’ comments

A number of conversations with journalists and news articles have been entered into evidence, most of which are from Bankman-Fried’s media tour in December 2022, weeks after FTX’s bankruptcy filing. But, as the prosecution notes, this was all before he knew there was a federal indictment against him. 

Defense attorney Mark Cohen tried to spin these conversations as evidence that Bankman-Fried cared about his customers. 

“I felt like it was the right thing to do for me to talk about what happened,” Bankman-Fried said during his direct examination. “I had my memory, I had very little beyond that.” 

Bankman-Fried was far more talkative during his cross, though Judge Kaplan cut him off a total of six times — five times within the first hour. 

“Mr. Bankman-Fried, the question was…,” Kaplan would prompt the witness when he started to veer off course. 

Read more: ‘This is a joke,’ Judge Kaplan scolds SBF lawyers

Bankman-Fried faces seven counts of federal fraud and conspiracy in relation to his alleged role in the collapse of FTX and Alameda Research. The fifth week of his trial kicked off in downtown Manhattan Monday. 

Kaplan has not scheduled trial for Friday, Nov. 3, although he indicated to the jury that it is likely he will make this a five-day week. 

The defense team wrapped their direct examination of Bankman-Fried Monday morning, clocking his time on the stand at more than six hours. The government is about an hour and fifteen minutes into what they have told the court will be a “substantial” cross examination. 

Prosecutors have also informed the court that they intend to present a “brief” rebuttal case when the defense rests.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /