Bankman-Fried Admits Mistakes But Denies Fraud in FTX Trial Testimony

Sam Bankman-Fried testified in his fraud trial, admitting mistakes but denying defrauding FTX customers or stealing funds.

He blamed former Alameda CEO Caroline Ellison for lack of risk management.

He distanced himself from actions of former colleagues who pleaded guilty.

He portrayed himself as an aloof CEO who trusted subordinates.

He blamed Ellison for Alameda's failure to hedge against crypto downturns.