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The cryptocurrency market is starting to bounce back a year after the collapse of exchange FTX and other big players in 2022 crushed prices, tarnished the industry and prompted a regulatory crackdown.
Sam Bankman-Fried, the former CEO of FTX, stands trial in New York on Tuesday, charged with seven counts of fraud and conspiracy stemming from the exchange's abrupt collapse in November 2022. He has pleaded not guilty.
Prosecutors say Bankman-Fried embezzled customer money to plug losses at Alameda Research, a crypto hedge fund he owned, as well as to make investments, buy real estate in the Bahamas, and donate to US political campaigns.
US Attorney Damian Williams said the FTX fraud perpetrated by Bankman-Fried is one of the biggest financial frauds in American history.
NEW YORK, Nov 2 ― FTX founder Sam Bankman-Fried's defence lawyer told jurors yesterday that prosecutors in his fraud trial sought to portray him as a “villain” and a...