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b"Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange\\u2019s co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial.\\xa0\\xa0\\n\\nResponding to his defense team\\u2019s gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team\\u2019s \\u201cfailed entrepreneur\\u201d strategy, and none more significant than a failure to create a dedicated risk management team.\\xa0\\n\\nBankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action \\u201con behalf of the company without consulting\\u201d him.\\xa0\\n\\nSBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm\\u2019s exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried\\u2019s direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried\\u2019s version of events is more persuasive for jurors remains uncertain.\\xa0\\n\\n\\nCatch up on Unchained\\u2019s previous coverage:\\xa0\\n\\nSBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF\\u2019s Family\\n\\nSBF Trial, Day 2: DOJ Says Sam Bankman-Fried \\u2018Lied\\u2019 While Defense Claims His Actions Were \\u2018Reasonable\\u2019\\n\\nSBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact\\n\\nSBF Trial, Day 4: SBF\\u2019s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda\\u2019s Special Privileges\\n\\nSBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?\\n\\nSBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life'\\n\\nSBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness?\\n\\nSBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges\\n\\nSBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender\\n\\nSBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony\\n\\nSBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole\\n\\nSBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF\\n\\nSBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers\\n\\nDid Sam Bankman-Fried Have Intent to Defraud FTX Investors?\\n\\nWhy These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify\\n\\nHere\\u2019s How Sam Bankman-Fried\\u2019s High-Stakes Trial Could Play Out\\n\\nSBF Trial: How Sam Bankman-Fried\\u2019s Lawyers Might Try and Win His Case\\n\\nThe High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect\\n\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"