NEW YORK - The high-stakes trial of former crypto mogul Sam Bankman-Fried took an eventful turn on Friday as he took the witness stand in an attempt to convince the jury of his innocence. Bankman-Fried, who is facing multiple criminal charges including fraud and money laundering, sought to present himself as a young entrepreneur who did his best to navigate the challenges of running a fast-growing cryptocurrency exchange. However, his long and rambling testimony drew a rebuke from the presiding judge and raised doubts about his credibility.

Bankman-Fried's testimony, which lasted for three hours on Friday, failed to produce any significant revelations. His lawyers worked diligently to support his narrative that mistakes were made but that he always acted in good faith. However, his answers to the questions posed by defense attorney Mark Cohen were often lengthy and meandering, prompting U.S. District Judge Lewis Kaplan to intervene and ask him to stay on point.

At one point during his testimony, Bankman-Fried attempted to provide his own definition of market manipulation, but Judge Kaplan swiftly shut him down, asserting his authority by stating, "You will take what I say manipulation means," addressing both the defendant and the jury.

Bankman-Fried, the sole witness called by the defense team, is expected to continue his testimony until Monday, when he will face cross-examination by prosecutors. The outcome of his testimony will likely play a pivotal role in the case against him.

The 31-year-old entrepreneur has pleaded not guilty to seven criminal counts related to the collapse of his cryptocurrency exchange FTX, which occurred in November. If convicted, Bankman-Fried could face a lengthy prison sentence.

The trial got off to a rocky start for the defense team as the judge barred them from arguing that Bankman-Fried had relied on legal advice for critical business decisions. The defense had hoped to portray their client as well-intentioned but overwhelmed by the rapid growth of his company. However, Judge Kaplan deemed such testimony "confusing and prejudicial."

During his initial testimony, Bankman-Fried delved into his background, sharing details of his upbringing and early career experiences. He described his time as a trader for Jane Street and the founding of his hedge fund, Alameda Research. Bankman-Fried's testimony painted a picture of a driven and hardworking individual, often working long hours and multitasking on multiple screens.

Bankman-Fried claimed that he handed over control of Alameda Research to his former girlfriend Caroline Ellison and Sam Trabucco in the summer of 2021, as he became increasingly occupied with managing FTX. However, his version of events clashed with Ellison's testimony, as she stated that Bankman-Fried continued to make crucial decisions even after stepping down as CEO.

The trial has been challenging for Bankman-Fried, as his former associates have provided damning testimony accusing him of orchestrating a scheme to misappropriate customer funds from FTX. Prosecutors have presented extensive documentary evidence to support these claims, while the defense has struggled to undermine the credibility of the government's witnesses.

Bankman-Fried's reputation as a prominent figure in the crypto industry has suffered a significant blow, with FTX's collapse resulting in a loss of his estimated $26 billion net worth. The trial's outcome will determine his legal fate and may have broader implications for the cryptocurrency community at large.

As the trial continues, all eyes will be on Bankman-Fried's testimony and how it impacts the jury's perception of the case against him.