Sam Bankman-Fried testifies for third day at FTX fraud trial after admitting ‘large mistakes’

The former CEO of failed cryptocurrency exchange FTX is accused of seven counts of wire fraud and conspiracy to launder money

• FTX fraud trial live – latest updates

Onetime crypto mogul Sam Bankman-Fried is testifying in his own blockbuster crypto trial again Monday. On Friday, he took the stand in his own defense, admitting that he made “large mistakes” but denying that he defrauded any customers of FTX, his failed cryptocurrency exchange.

“I made a number of small mistakes and a number of large mistakes,” he said Friday. When asked if FTX had a risk management department, he answered, “We sure should have but no, we did not.”