SBF strikes cautious tone as his testimony before a jury begins

Bankman-Fried claims there was a lot going on at both FTX and Alameda that he didn’t know about

article-image

Artwork by Crystal Le

share

The long-awaited moment finally arrived Friday morning: Sam Bankman-Fried faced the jury for the first time.

Bankman-Fried opted to speak decidedly slower, make irregular eye contact with the jury box and toe what has emerged as the party line: that there was a lot going on within the FTX empire that he knew nothing about. 

Bankman-Fried, who faces seven counts of fraud and conspiracy, appeared in federal court Friday in his usual trial ensemble: a mildly-wrinkled, slightly oversized gray suit with a purple tie. His demeanor appeared more cautious than it was on Thursday, where he gave senior judge Lewis Kaplan a preview of what he is now presenting to the jury

He sat hunched over slightly on the witness stand and made occasional glances into the jury box but kept his head facing lead defense attorney Mark Cohen, who conducted his direct examination from a podium across the room. 

Bankman-Fried maintained what his defense claimed during their opening statements back on Oct. 4: that he did make mistakes, but he was a 25-year-old startup founder (now 31) who put trust in the wrong people. 

“We sure should have, but no, we did not,” he replied when Cohen asked if FTX and Alameda ever had a risk department. 

During his opening statement, Cohen insisted that his client is being misrepresented by the government. Bankman-Fried, Cohen argued at the time, is simply “a math nerd who didn’t drink or party.” 

“Working on a startup, or at a startup, is like building a plane while you’re flying it,” Cohen added, referring to FTX and its early days. 

Bankman-Fried was working constantly — sometimes logging up to 22 hours a day — and he was being pulled in every direction, he testified. 

“Some people shoot for inbox 0,” Bankman-Fried said, referring to many people’s desire to keep their emails in check. “I was shooting for inbox 60,000.” 

Bankman-Fried’s direct testimony may take the rest of the day Friday, meaning cross-examination could begin Monday. If the government chooses to put on a performance like what Kaplan saw on Thursday, defense will likely go for a redirect exam. 

Bankman-Fried testified Thursday that, from his understanding, enforcing auto-delete mechanisms in Signal chat was allowed, per a “document retention policy” his team is unable to produce to the court. 

“I wish I had that policy now,” Bankman-Fried said Thursday. “I’m working off my memory of it.” 

Bankman-Fried had said that anything outside of know-your-customer data, “formal business discussions,” official documents and other company-wide communications, nothing needed to be retained. 

That said, Sassoon and Bankman-Fried’s definitions of “formal business discussions” appeared to differ. During yesterday’s mock testimony, Sassoon asked, for example, if the decision to use customer funds would be considered “formal,” in Bankman-Fried’s opinion.

Counsel on both sides have indicated that we could hear closing arguments as soon as next week. The defense has said that Bankman-Fried will be their third and final witness.


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

More than 75 million U.S. Galaxy owners gain integrated Coinbase One access through Samsung Wallet, with global rollout planned

by Blockworks /
article-image

The central bank signed agreements with firms for fraud, payments, and app services ahead of a potential launch

by Blockworks /
article-image

Experts agree that the shutdown will delay new crypto ETF approvals, but lawmakers seem keen to move ahead with legislative work

article-image

The perp DEX verifies matching and liquidations with custom zero-knowledge circuits and keeps user assets on Ethereum

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /