Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves his court hearing at a federal court in New York
Reuters

The aggressive cross-examination by the prosecution, led by U.S. Assistant Attorney Danielle Sassoon on Tuesday, revealed that Sam Bankman-Fried, the embattled crypto mogul, has influential connections and stands accused of offering to pay off a country's national debt.

After enduring hours of testimony during his criminal fraud trial, Bankman-Fried, widely known as SBF in the crypto space, stepped down from the stand, marking the conclusion of his four-day testimony.

The 31-year-old MIT graduate, who currently faces multiple fraud charges related to the collapse of his crypto empire FTX, was questioned about his close relationship with Bahamian regulators, particularly with Philip Edward "Brave" Davis KC MP, who has served as the prime minister of the Bahamas since 2021.

AUSA Sassoon initially inquired if SBF had indeed discussed paying off the $11.6 billion national debt of the Bahamas with the prime minister. However, the former crypto billionaire claimed not to remember.

The prosecution also asked SBF whether he assisted the son of the Bahamian Prime Minister with his employment, to which Bankman-Fried only replied, "I talked with him."

Additionally, Bankman-Fried was questioned about providing courtside seats at the FTX Arena in Miami to the prime minister and his wife, as well as whether he had boasted about Ryan Salame, the former CEO of FTX Digital Markets based in the Bahamas, being "essentially a member of the Bahamian government."

The crypto mogul, who was celebrated by Forbes as the "richest self-made newcomer in Forbes 400 history" in 2021, responded with "I don't remember that" to both questions.

In addition, AUSA Sassoon raised Bankman-Fried's dinner with former U.S. President Bill Clinton and former U.K. Prime Minister Tony Blair at an event in the Bahamas, with Hollywood stars Katy Perry and Orlando Bloom also in attendance.

Furthermore, the prosecution confirmed with Bankman-Fried whether, during the time when FTX was experiencing a run on deposits, he offered Bahamian customers the opportunity to withdraw their assets first.

The crypto mogul acknowledged this.

During his entire time on the stand, Bankman-Fried frequently used "I don't remember that" and "not sure" as responses to many questions. At some point, Judge Lewis Kaplan, presiding over SBF's criminal trial, intervened and told the crypto mogul, "Mr. Bankman-Fried, just answer the question."

The presentation of evidence in the case concluded on Tuesday, as announced by Judge Kaplan after noon ET.

Closing arguments are scheduled to begin at 9:30 a.m. ET Wednesday.

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