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.
Environment
Check out Kia’s upgraded EV6 GT, spotted in the US for the first time in matte blue [Video]
![Check out Kia's upgraded EV6 GT, spotted in the US for the first time in matte blue [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Kias-new-EV6-GT-US.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Kia’s fastest car (EV or gas) is getting a major upgrade. The new Kia EV6 GT was spotted in the US for the first time, and it looks like a drastic improvement from the already sporty EV. Check out Kia’s new EV6 GT in matte blue.
With a starting price tag of just over $60,000, the EV6 GT (see our review) is one of the most affordable electric sports cars on the market.
With up to 576 hp and 545 lb-ft of torque, Kia’s EV can accelerate from 0 to 60 mph in just 3.4 seconds. The EV6 GT is not only Kia’s most powerful vehicle so far, but it’s also among the fastest cars from any automaker, including gas-powered ones.
Kia put its top performer up against a Ferrari Roma and Lamborghini Huracan Evo Spyder RWD to prove it. An independent test by AMCI confirmed the electric sports car “out-accelerated” the iconic sports cars.
Now, Kia’s EV6 GT is getting even more powerful, dynamic, and sporty. Kia launched the upgraded model in Korea in late November, starting at just over $50,000 (72.2 million won).
Kia’s new EV6 refresh debuted in the US at the LA Auto Show in November. It now has even more driving range, faster charging, and a slick new look. It even includes an NACS port for charging at Tesla Superchargers. The new GT trim boasts up to 641 hp (478 kW) and 568 lb-ft (770 Nm) max torque, which is good for a 0 to 62 mph (0 to 100 km/h) sprint in just 3.5 seconds.
What to expect from Kia’s new EV6 GT in the US
Powered by Kia’s fourth-generation battery pack, the new EV6 GT has a driving range of up to 220 miles (355 km), up from 332 km (206 mi) in the outgoing model.
With deliveries approaching, the new EV6 GT was spotted in the US for the first time without any camouflage. The video from KindelAuto gives us a good look at what to expect from Kia’s sporty new EV. The most noticeable feature is the matte blue, which adds to the already sleek design.
You can see other upgrades immediately, like the redesigned front bumper and headlights. The rear bumper is wider with a wing-type design, while the 3-D taillights are based on Kia’s Star Map design.
It also pulls a fan favorite from Hyundai’s IONIQ 5 N with a new Virtual Gear Shift (VGS) feature. We caught it in action last month after a Korean YouTuber showed off how it works (see the video here).
Kia will build 2025 EV6 models, except the GT trim, at its Georgia assembly plant alongside the new EV9. The new model will be available in Light (RWD), Light Long Range (RWD or e-AWD), Wind (RWD or e-AWD), GT-Line (RWD or e-AWD), and GT (e-AWD) trims. It is expected to go on sale in the first half of next year.
With a larger 84 kWh battery pack, the refreshed EV has a range of 319 miles, up from 310 in the outgoing model.
Kia also upgraded the interior with its new connected car Navigation Cockpit (ccNC) OS system, which features dual 12.3″ driver and infotainment screens in a curved display.
A Kia official said the upgraded model “will become a new standard that will change the paradigm of high-performance electric vehicles.”
Do you agree? Can it compete with top-of-the-line EV sports cars like the Tesla Model S Plaid or Porsche Taycan Turbo GT? It’s already about half the cost. In the comments below, let us know your thoughts on the upgraded EV6 GT.
FTC: We use income earning auto affiliate links. More.
A Tesla Cybercab, or Robotaxi, Tesla has been using the names alternatively, has been spotted with a steering wheel – raising questions.
Last year, Tesla unveiled the Cybercab, a two-seat steering wheel-less electric vehicle that the automaker claims will power a fleet of autonomous ride-hailing vehicles.
At the unveiling, Tesla gave some rides in the vehicle, but it was on a closed circuits on private roads with teleoperations. The vehicle didn’t display capabilities much more advanced than what it already deployed in customer vehicles.
Many industry watchers are skeptical about the vehicle because it relies on the same ‘Full Self-Driving (Supervised)’ technology in Tesla’s existing vehicles. However, Tesla is betting that it will be able to make it “unsupervised” by the time this vehicle gets into production in 2026 since it doesn’t have a steering wheel to be “supervised” like Tesla’s existing customer fleet.
As we have often reported, the only data available on Tesla’s Full Self-Driving program suggests that this is highly unlikely.
But now, a Tesla Cybercab has been spotted with a steering wheel at Gigafactory Texas:
The picture was taken by Joe Tegtmeyer, who often flies drones over Tesla’s Gigafactory Texas in Austin.
Some questioned whether the image showed a wheel or a shadow, but it becomes quite clear that it is a steering wheel when playing with image’s contrast and exposure:
This is raising some questions. Some are questioning if it means Tesla is also planning a consumer version of the vehicle with a steering wheel, but that sounds like wishful thinking as Tesla insisted that this vehicle will launch without a steering wheel.
The more likely explanation is that Tesla is using a steering wheel to test the vehicle with driver supervision, as its current technology relies on it. This also enables it to avoid some reporting regulations regarding autonomous driving test programs.
The sighting is also interesting with the context of Elon Musk’s recent claim that Tesla is conducting ‘unsupervised self-driving trials’ with employees.
We questioned this claim, which he made off the cuff when playing a video game, as Tesla has no autonomous driving test permit. It sounds like he either confused it with the supervised ride-hailing service for employees in the Bay Area announced last quarter or the limited testing with Cybercabs at Gigafafactory Texas’ private roads that we have seen before.
This Cybercab with a steering wheel could show that Tesla is actually conducting these trials supervised, which would make more sense.
What do you think? Let us know in the comment section below.
FTC: We use income earning auto affiliate links. More.
The world’s largest electric vehicle maker is becoming a force in the global auto market. BYD confirmed it’s on track to open another massive EV plant overseas by the end of 2025. The new facility in Indonesia will be able to produce 150,000 vehicles a year as BYD expands its overseas manufacturing footprint.
After selling a record over 4.27 million new energy vehicles (NEVs) last year, BYD is turning up the pressure in 2025.
Tesla topped BYD by about 25,000 units last year for the global EV sales crown. However, in terms of production, China’s leader sneaked past Tesla by about 4,500 vehicles to claim the title of “World’s largest EV maker” for 2024.
As a new wave of homegrown EVs arrives in China, BYD is focusing on overseas markets to drive growth in 2025.
After opening its first EV plant in Thailand last year, BYD confirmed another overseas manufacturing facility is on track to open by the end of the year. In a new interview with Reuters, Eagles Zhao, BYD’s president director in Indonesia, said the company is aiming to finish the $1 billion manufacturing plant in the region by the end of 2025.
“Every single progression of our local manufacturing is quite smooth and also on the track. We will keep our commitment, which is by end-2025,” Zhao said.
BYD to open new overseas EV plant in Indonesia in 2025
According to Zhao, BYD plans to use the new EV plant for exports as it aggressively expands into overseas markets.
Like its plant in Thailand, the new overseas facility will have a production capacity of 150,000 vehicles. Because of the $1 billion investment, BYD has been temporarily allowed to ship cars into Indonesia without an important tax.
The move is part of Indonesia’s goal to build 600,000 EVs domestically by 2030. Like other Southeast Asian countries, Indonesia is introducing new policies to attract foreign investments and take advantage of the market’s shift to EVs.
BYD is already the leading EV maker in Indonesia, accounting for over a third (36%) of the market. According to the auto association, the EV giant sold nearly 15,500 vehicles last year, its first full sales year.
The company already sells several popular models in Indonesia, including the Seal, Atto 3, and Dolphin. Last summer, it launched its first electric multi-purpose vehicle (MPV), the M6. BYD said the M6 was already its best-selling vehicle last year. This week, BYD is introducing its luxury Denza brand.
According to Zhao, BYD will launch more vehicles in the region this year but didn’t say what models or how many to expect.
Once construction is complete, Zhao expects production to begin shortly after. With new models arriving, BYD expects “rapid” sales growth in Indonesia this year.
Electrek’s Take
BYD’s rapid rise in the global auto market is already causing legacy automakers to scramble. For example, Japan’s Honda and Nissan are now teaming up as they struggle to keep pace with BYD and other Chinese EV makers.
Japanese car brands like Toyota and Honda have historically dominated Southeast Asia. Once representing over 90% of the market, Japanese automakers have watched their share of the “Detroit of Asia,” or Thailand, fall to just 76% over the past two years.
In fact, BYD sold more electric cars in Japan last year than Toyota, and 2024 was BYD’s first full sales year in Toyota’s home market.
BYD is quickly expanding the brand globally with new plants opening in Mexico, Brazil, Hungary, Turkey, and Pakistan.
Although BYD is best known for low-cost EVs like the Seagull and Dolphin, it is launching new models in just about every segment, including pickup trucks, smart SUVs, luxury models, and electric supercars.
One thing is for certain: BYD will continue to be a name to watch in 2025 as the company looks to maintain its impressive global sales run.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports10 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway