The crypto mogul Sam Bankman-Fried has been tried and convicted of orchestrating one of the largest financial frauds in history, but little has changed for people who lost billions when FTX collapsed.
The conviction marks a spectacular fall from grace for a once shining star in finance. He faces decades in prison.
The former FTX CEO, who is accused of orchestrating one of the largest financial frauds in history, plans to testify in his own criminal trial in a major gamble to avoid prison time.
Bankman-Fried built a multibillion crypto business spearheaded by FTX with the help of a group of young colleagues. Now three of his closest associates have turned against him.
The trial of the former FTX CEO concluded its second week, featuring explosive testimony from Caroline Ellison, a former girlfriend of Bankman-Fried.
Sam Bankman-Fried faces seven criminal charges, including for defrauding investors. His blockbuster trial is set to begin on Tuesday, and he could face an over 100-year prison term if convicted.
The co-founder and former CEO of FTX pleaded not guilty to eight criminal counts related to the spectacular collapse of his crypto exchange.
Binance temporarily froze withdrawals after customers withdrew more than $1 billion worth of crypto on Tuesday, fueling fears more crypto companies could collapse.
The now-bankrupt cryptocurrency exchange FTX made real money off of its own digital currency, called FTT. That currency is practically worthless now, but investors continue to trade it.