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Welcome to the SBF trial, a CoinDesk Podcast Network newsletter, bringing you daily insights from inside the courtroom, where Sam Bankman-Fried will try to stay out of prison.

Follow the Coin Desk podcast network to get the audio each morning with content from the Coin Desk

Regulation Team and voiced by Wondercraft AI. You've likely already heard the news. Sam Bankman-Fried

is going to testify in his own criminal trial, probably later today. But what's he going to say?

We really have no idea. He's said so much, or is it so little, already?

In the month between FTX's collapse and his arrest in the Bahamas, Sam spun a story for the

cameras of the world. In his telling, the crypto exchange's early November meltdown wasn't because

it had illegally loaned billions of dollars of customer deposits to his hedge fund

Alameda, or maybe it was. But if it was, he sort of didn't know about it. Here's generally what he said.

In 2022, the crypto market imploded. Alameda took a hit. It definitely had some FTX customer money,

a bunch of which it was allowed to have, and then

a whole bunch of money disappeared.

...