Sam Bankman-Fried’s defense team fails to land a blow as he takes the stand
Courtroom sketch showing Sam Bankman Fried questioned by his attorney Mark Cohen. Judge Lewis Kaplan on the bench
Artist: Elizabeth Williams
Sam Bankman-Fried took the stand in a New York courtroom on Thursday, as he and his defense team auditioned their best legal material for U.S. District Judge Lewis Kaplan.
The former crypto billionaire had originally been scheduled to testify before the jury, but the judge sent jurors home early to consider whether some aspects of Bankman-Fried’s planned testimony, related to legal advice he got while running FTX, would be admissible in court.
In a sort of mini-hearing within the trial, defense attorney Mark Cohen guided Bankman-Fried through a series of questions designed to showcase the defense’s strongest arguments of his innocence, including suggesting that he relied on FTX’s former chief regulatory officer and in-house attorney, Dan Friedberg, to guide some actions that the government claims are illegal.
Bankman-Fried faces seven criminal counts, including wire fraud, securities fraud and money laundering, that could land him in prison for more than 100 years if he is convicted at his trial in Manhattan federal court. Bankman-Fried, the son of two Stanford legal scholars, has pleaded not guilty in the case.
“Before the trial, I was convinced that SBF was headed to near-certain conviction on serious felony counts, and it was apparent to me that his defense team had not come up with anything that could derail that result,” said Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities & Commodities Fraud Section and now a trial partner in Chicago with Bryan Cave Leighton Paisner.
“Nothing that has occurred during the trial has changed my view. The evidence of his guilt appears to be overwhelming,” added Mariotti.
In the last four weeks of trial, multiple members of the C-suite at crypto exchange FTX, and its sister hedge fund Alameda Research, have all singled out Bankman-Fried as the mastermind behind the scenes. Several of these witnesses have themselves pleaded guilty to multiple charges, including Bankman-Fried’s ex-girlfriend Caroline Ellison, who faces a maximum sentence of 110 years for crimes committed while she was the CEO of Alameda.
Prosecutors have also entered evidence to corroborate witness accounts, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money.
The defense’s case — which is comprised of Bankman-Fried’s upcoming testimony along with that of two witnesses who both wrapped in just over an hour on Thursday morning — hinges on whether the jury believes the defendant when he takes the stand.
“He has always been convinced that he’s the smartest guy in the room and that he can talk his way out of any problem,” continued Mariotti.
“But the biggest problem with SBF’s testimony will be SBF himself. Given that the core issue will be intent to defraud, SBF should be portraying himself as clueless, inattentive, and in over his head. But for years he had portrayed himself as a visionary genius, and I don’t expect that to change on the stand,” he said.
Defense struggles to land a blow
Judge Kaplan previously ruled that Bankman-Fried’s lawyers could not make a so-called advice of counsel argument in their opening remarks since it might risk prejudicing the jury. On Thursday, Kaplan sent the jury home early to reconsider in a closed-door session whether to allow this line of testimony.
Under questioning led by Cohen, Bankman-Fried appeared to place much of the criminal blame on FTX’s chief regulatory officer, Friedberg, as well as outside counsel Fenwick & West, which advised the crypto exchange. Bankman-Fried spoke about Friedberg’s active involvement in everything from the company-wide auto deletion policy on messaging apps like Signal, to the creation of Alameda’s North Dimension bank account, where billions of dollars worth of FTX customer money was funneled.
The former FTX chief also said that the hundreds of millions of dollars in personal loans to himself and other founders of the platform were structured through promissory notes drafted by his in-house legal team and discussed in concert with his general counsel and Friedberg. Having the blessing of his legal counsel was something that SBF said he “took comfort in.”
While taking the stand offers Bankman-Fried the opportunity to tell his side of the story to jurors, it also opens the door for federal prosecutors to go for the jugular in cross-examination. Following damning testimony from Bankman-Fried’s closest ex-confidantes and top deputies, defense attorneys for the FTX founder have failed to flip the narrative in cross-examining key witnesses or to undermine the most troubling allegations regarding their client.
Indeed, Bankman-Fried’s practice run on Thursday was tough to watch. While he came across as direct and credible in his direct examination, the grilling by prosecutors was aggressive and effective. At multiple points, the judge appeared exasperated by Bankman-Fried’s responses, once saying that the defendant had an “interesting way of answering questions.”
The defendant’s demeanor flipped 180 degrees when U.S. assistant attorney Danielle Sassoon began her questioning. He swiveled back and forth in his chair, nervously shook a piece of paper he held in his hands, repeatedly grabbed for his water bottle before responding, and skirted a lot of questions by saying he couldn’t recall what had happened.
Judge Kaplan interjected at one point, telling the defendant to “listen to the question and answer the question directly.”
On Friday morning, we’ll get a ruling from the judge on what’s admissible from the defense’s wish list of topics – as well as Bankman-Fried’s debut before the jury from the stand.
“Given that he appears headed for defeat, taking the stand can be a ‘Hail Mary’ of sorts,” said Mariotti.
“SBF will be hamstrung by his many prior statements, which could be used to impeach him. It will be difficult for SBF to weave his testimony around those prior statements.”
This week’s testimony is just the latest example of the defense team’s struggle to land a blow in the criminal fraud case.
Prosecutors spent four weeks of the trial walking former leaders of FTX and Alameda Research through specific actions taken by their boss that resulted in clients losing billions of dollars late last year.
In trying to poke holes in witness accounts, Bankman-Fried’s lawyers have repeatedly jumped around, unable to maintain a consistent timeline or coherent argument, while also opening the door for witnesses to offer additional testimony in furtherance of what they’d previously told the jury.
The scattershot approach is potentially troubling for Bankman-Fried, who’s counting on his defense attorneys to keep him out of prison in what could be a life sentence if convicted. The central claim the defense has been unable to knock down is that Bankman-Fried knowingly used billions of dollars in FTX customer funds to pay for his lavish lifestyle, to make political donations and, most dramatically, to cover a gaping hole in Alameda’s books following the cratering of cryptocurrency prices last year.
Cohen, a co-founder of the New York law firm Cohen & Gresser, is being joined at trial by Christian Everdell, a member of the firm’s white collar defense team. Cohen, a graduate of the University of Michigan Law School, started his firm 21 years ago and previously served as an assistant U.S. attorney for the Eastern District of New York. Everdell started at Cohen & Gresser in 2017 after almost a decade working as a prosecutor for the Southern District of New York.
— CNBC’s Dawn Giel contributed to this report.
The Honda Ruckus has earned cult status thanks to its minimalist styling, exposed frame, and seemingly endless customizability. The scooter, also known in international markets as the Honda Zoomer, has spent years being seen as a blank canvas for scooter tuners, urban commuters, and anyone who just wanted something simple, small, and kind of weird to zip around town. A few years ago, Honda finally answered the call for an updated version by announcing and producing the “Zoomer e:”, which was an electric version of the Honda Ruckus. So where is it?
When Honda launched the all-electric version of the Ruckus, the Zoomer e:, back in 2023, many fans hoped it was only a matter of time before we saw it quietly glide onto U.S. streets.
But two years later, there’s still no sign of a stateside release, and no indication that Honda plans to change that anytime soon.
The Zoomer e: was first introduced in China in early 2023 alongside two other retro-inspired electrics: the Cub e: and Dax e:.
The Zoomer e: keeps the stripped-down, industrial look of the classic gas-powered Ruckus, but swaps the 49cc engine for a 400W rear hub motor and a 48V 24Ah battery (around 1.15 kWh).
It was originally given a top speed of a mere 25 km/h (15.5 mph) to keep it street legal as an electric bicycle in its first market of China, where it also came with functional but stubby pedals so riders could pretend it was actually pedalable.
The first version of the electric scooter claimed a range of up to 80–90 km (50–56 miles) from its removable lithium-ion battery, depending on conditions.
We’ve since seen the performance bumped up to 40 km/h (25 mph) top speeds when the scooter was introduced into the Philippines market, where the local L1B classification allowed for higher speeds. It’s fairly obvious that the performance can be software-tweaked by Honda depending on the market, though likely to a limit. To achieve speeds much higher than 25 mph, a motor and controller swap may be required, though neither would be complicated.
In other words, the electric Ruckus’ debut revealed an ultra-lightweight, street-legal runabout designed for countries with expansive low-speed e-bike laws. But in the U.S., these types of quasi-e-bikes that are actually scooters are few and far between. The same performance can be had from a $1,000 electric bicycle, and in fact, Class 3 e-bikes in the US can go nearly twice as fast as the original electric Ruckus.
So Honda obviously hasn’t been in a rush to bring its low-spec version of the bike to the US market, where it would be a slower and heavier competitor to the wide range of cheap imported electric bicycles. However, its iconic design and cultural legacy have kept enthusiasm up for riders who have managed to privately import their own models. One Redditor appears to have imported two Honda Zoomer e: models in parts to assemble in the US, while someone else posted a YouTube video of his completely assembled Honda Dax e: model that was launched along the Zoomer e:.
Despite clear consumer interest and a growing market for low-speed electric vehicles, as well as Honda’s own proven interest in growing its electric scooter market, the company hasn’t made any moves to release the Zoomer e: in the US. That’s not surprising since America still lacks a robust electric scooter culture (or even a gasoline scooter culture, for that matter), and anything motorcycle-shaped that doesn’t hit 30+ mph tends to get passed over by mainstream buyers.
But perhaps that could change one day. Technically, bringing the Zoomer e: to the US wouldn’t be a monumental task for Honda. The U.S. is a self-certify country, meaning Honda could design a version that meets federal vehicle safety standards, beef up the motor and controller for higher speeds, and sell it as either a Class 2/3 e-bike, or perhaps more appropriately, as a low-speed motorcycle with a top speed in the 35-45 mph range (55-70 km/h).
With the rise of micromobility, electrification, and growing frustration with car-centric cities, now might actually be the perfect time for a reborn electric Ruckus to hit US roads. But until Honda decides to take that step, American riders will have to keep dreaming – or start importing.
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BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.
The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.
The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.
But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.
The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.
There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.
BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.
With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.
Electrek’s Take
I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.
Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.
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