Sam Bankman-Fried must now convince a jury that the former crypto king was not a crook
The trial of Sam Bankman-Fried, the founder of failed cryptocurrency brokerage FTX, is set to begin on Tuesday with jury selection. Prosecutors from the Southern District of New York have accused Bankman-Fried of stealing billions of dollars in FTX customer deposits and using the funds for personal gain, including funding his hedge fund, buying real estate, and making illegal campaign donations. The case is expected to center on allegations of fraud, with prosecutors arguing that Bankman-Fried misappropriated customer funds. However, the defense is expected to argue that any mistakes made by Bankman-Fried do not constitute fraud and that FTX’s collapse was simply a result of the broader cryptocurrency market decline. Bankman-Fried’s trial comes at a time when the cryptocurrency industry as a whole is still struggling to recover from FTX’s collapse, with prices down and trading volumes significantly lower than they were a year ago.
The trial of Sam Bankman-Fried, the founder of failed cryptocurrency brokerage FTX, is set to begin on Tuesday with jury selection. Prosecutors from the Southern District of New York have accused Bankman-Fried of stealing billions of dollars in FTX customer deposits and using the funds for personal gain, including funding his hedge fund, buying real estate, and making illegal campaign donations. The case is expected to center on allegations of fraud, with prosecutors arguing that Bankman-Fried misappropriated customer funds. However, the defense is expected to argue that any mistakes made by Bankman-Fried do not constitute fraud and that FTX’s collapse was simply a result of the broader cryptocurrency market decline. Bankman-Fried’s trial comes at a time when the cryptocurrency industry as a whole is still struggling to recover from FTX’s collapse, with prices down and trading volumes significantly lower than they were a year ago.
