FTX founder Sam Bankman-Fried goes on trial in US for crypto fraud

The 31-year-old faces decades in prison for allegedly defrauding over a million people. Photo: AFP

The first day of the trial will be devoted to jury selection for a case that is set to last about six weeks. Bankman-Fried also stepped in as a kind of saviour of the industry when other crypto companies started facing difficulties, with FTX swooping in to offer them a financial lifeline.But his steep rise was only matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas and extradited to face charges in the United States.

Federal prosecutor Damian Williams has accused Bankman-Fried and his associates of systematically diverting funds from FTX clients to prop up Alameda Research, but also wire fraud, securities and commodities fraud, and money laundering. But US District Judge Lewis Kaplan rescinded that decision, ordering Bankman-Fried behind bars over alleged at tempts at witness intimidation.

Source: Law Daily Report (lawdailyreport.net)

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