The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun.

Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud. He faces charges related to defrauding customers on his digital currency exchange, FTX. The accusations include wire fraud, securities fraud, and money laundering.

The case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as “one of the biggest financial frauds in American history.” Bankman-Fried’s trial could potentially last up to six weeks.

This post will be regularly updated throughout the trial.

Friday, October 6

Next up: More from Gary Wang, then BlockFi CEO (9:41 a.m. ET)

The jury has been seated. Starting the day with more testimony from FTX and Alameda Research co-founder Gary Wang, who began his testimony yesterday by declaring that he, Bankman-Fried, and their inner circle committed fraud by allowing Alameda to “withdraw unlimited funds.” Meanwhile, we’ve also gotten mor

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Author: Decrypt Staff

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