Sam Bankman-Fried Testifies at FTX Trial That Mistakes Were Made

Sam Bankman-Fried faces several fraud charges for his time at the FTX cryptocurrency exchange.

Sam Bankman-Fried leaves a courthouse earlier this year
(Image credit: Yuki Iwamura/Bloomberg via Getty Images)

 Sam Bankman-Fried (SBF) took the stand in court on Friday, October 27, facing several fraud charges for his role in the collapse of FTX, once one of the world’s leading cryptocurrency exchanges. 

SBF acknowledged that mistakes were made at FTX including “significant oversights” but said he did not intend to defraud anyone, according to a New York Times live report of the trial. His attorneys painted a picture of “an overwhelmed founder, working impossible hours, who let risk management slip by the wayside,” the report noted.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.