/ 03 October 2023

The crypto king’s court comeuppance

Image source: AAP
Image source: AAP

It’s been a year since the spectacular downfall of crypto-exchange FTX and its founder Sam Bankman-Fried after allegations of fraudulent use of customer funds – and now, he’s facing those allegations in a US courtroom. Arrested at his Bahamas headquarters in December 2022, the former multi-billionaire shot to fame after starting a place where investors could buy and sell cryptocurrencies safely – or so they thought… Now, the 31yo is facing 7 charges, including money laundering and fraud, after FTX’s customers were left an estimated US$8 billion out of pocket. Not great for Bankman-Fried is the fact that his top colleagues (and his former girlfriend) have already pleaded guilty and are working with prosecutors. He’s denied all the charges and pleaded not guilty. The trial starts in New York today and is scheduled to last 6 weeks.

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