The criminal trial of ex-FTX CEO Sam Bankman-Fried started after jury selection extended into the second day, as prosecutors and defense attorneys presented their opening arguments.
The Opening Arguments In The Sam Bankman-Fried Trial Are Announced
The criminal trial of ex-FTX CEO Sam Bankman-Fried started after jury selection extended into the second day, as prosecutors and defense attorneys presented their opening arguments.
In a New York courtroom on October 4, Assistant United States Attorney Thane Rehn accused Bankman-Fried of using FTX customer funds for personal gain and deceiving stakeholders, including lawmakers. Rehn argued that Bankman-Fried committed fraud and enlisted his girlfriend's help in stealing money.
Defense attorney Mark Cohen, on the other hand, attributed some of FTX's issues to Bankman-Fried's former girlfriend and the CEO of Alameda Research, Caroline Ellison, as well as Binance CEO Changpeng Zhao. Cohen portrayed Bankman-Fried as acting in good faith amid a rapidly expanding crypto market and denied allegations of wrongdoing. The trial, expected to last around six weeks, will continue with testimonies from former FTX executives. Former CEO of Alameda, Sam Trabucco, could also testify. Bankman-Fried has pleaded not guilty to seven charges related to the downfall of FTX.
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