Crypto Collapse: Sam Bankman-Fried Found Guilty of Defrauding FTX Customers

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These executives all pleaded guilty to fraud charges after the collapse of FTX and provided crucial testimony against Bankman-Fried under plea agreements with the government.

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Crypto Collapse

Prosecutors allege the group facilitated Bankman-Fried’s sister crypto trading firm, Alameda Research, with “secret” backdoor access to FTX’s customer deposits. The funds were then utilized for a myriad of purposes, including investments, loan repayments, political donations, and real estate acquisitions. 

In the government’s closing argument, prosecutor Nicolas Roos asserted, “He spent his customers’ money and he lied to them about it.” 

Throughout the trial, Bankman-Fried steadfastly maintained his innocence, contending that poor business decisions and management errors, not fraud, were responsible for the failure of his cryptocurrency exchange. When asked directly by his lawyer if he defrauded anyone or took customer funds, he vehemently denied both accusations. Ultimately the jury was not convinced.