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The criminal trial of former crypto king Sam Bankman-Fried will take a personal turn on Tuesday when federal prosecutors call their star witness, Caroline Ellison, to the stand.
Two executives associated with FTX have reached a plea agreement with prosecutors allowing them to post bail in exchange for pleading guilty to their role in the multibillion-dollar cryptocurrency fraud.
A month after the collapse of his cryptocurrency exchange, the FTX founder has finally been arrested, pending charges from the Southern District of New York. Based on the complaint released by the Securities and Exchange Commission, his legal prospects do not look good. The SEC has accused Bankman-Fried of "orchestrating a massive, years-long fraud" from the start, diverting billions of FTX deposits to his quantitative trading firm, Alameda Research. Even worse for the corporate media's (former) favorite financier, his colleagues could be turning on him to save themselves.
FTX founder Sam Bankman-Fried has arrived at a Bahamas court after being arrested on Monday.