Former "crypto king" Sam Bankman-Fried is currently on trial in the United States on fraud charges following the collapse of his crypto company FTX in 2022. The trial has been underway since early October, and Bankman-Fried has been charged with a total of seven counts, including wire fraud, securities fraud, and money laundering, all of which he denies. But by all accounts, things have gone terribly wrong.

In the first two weeks of the trial, Bankman-Fried's former colleagues, friends, and even ex-lovers have lined up to testify that the crypto king knew exactly what he was doing (i.e., stealing investors' money) when he moved funds from FTX to the investment firm Alameda Research. Several of these individuals have accepted plea bargains for their roles in the scandal, and as part of that, must testify truthfully in this trial.

So far, their evidence overwhelmingly supports the prosecution's case, and Bankman-Fried's defense team has had little joy on cross-examination. Of particular note is the testimony of his former girlfriend, Caroline Ellison, who stated that "he instructed me to commit these crimes."

The crypto king is preparing to take his biggest and perhaps last gamble. Bankman-Fried was first rumored to be taking the stand when his lawyers began claiming a supply of certain drugs in prison. During a court appearance on Wednesday, Bankman-Fried's attorney, Mark Cohen, said that along with other defense witnesses, "our client will also be testifying."

Bankman-Fried could face life in prison if convicted. This is a move that usually indicates that the defense has little to rely on other than personal credibility. To begin with, the defendant is not obligated to testify in his own defense, and this strategy is avoided because of the possibility of cross-examination by the prosecution.

"If the jury doesn't believe him, then guilt is assured," former federal prosecutor Jacob Frenkel told the BBC.

But this is a man who took the world by storm when he built the FTX and is not without a track record of convincing people. With the trial going so far, a Hail Mary may be his best hope. Bankman-Fried could take the stand as early as today, and the defense could rest its case by the end of the week.

Bankman-Fried founded FTX in 2019, and by early 2022 the crypto exchange was valued at an astonishing $32 billion. However, a devastating investigation by Coindesk drained FTX of funds, sending it into bankruptcy with an $8 billion black hole, and rumors swirled about its balance sheet before millions of small investors ran out of money. Bankman-Fried was initially hiding in the Bahamas, but was arrested and extradited to the United States to stand trial.

Three former friends and associates of Bankman-Fried pleaded guilty to the charges they faced, testifying, among other things, that he used FTX funds to service the debt of Alameda Research, make personal investments and political contributions, and underwrite real estate purchases. Bankman-Fried allegedly concealed these transactions and the relationship between the two companies, which prosecutors are trying to show through a paper trail.

Bankman-Fried's defense says his client followed "reasonable" business practices in uncharted waters as both companies grew by leaps and bounds. The former king of crypto, interviewed after the company's collapse, admitted to making mistakes but denied committing fraud. The trial is still ongoing.