Prosecutors accuse Bankman-Fried of building a "pyramid of deceit" through false promises and lies
The closing arguments in the high-profile fraud trial of Sam Bankman-Fried, the founder of FTX and Alameda Research, began on Wednesday. Prosecutors have spent the last four weeks presenting evidence against Bankman-Fried, who is facing serious charges of wire fraud and conspiracy.
According to the U.S. Department of Justice, Bankman-Fried is responsible for the operation and subsequent collapse of FTX and Alameda Research. The prosecution has accused him of building a "pyramid of deceit" through a series of false promises and lies.
The jury was asked to consider several key questions: Where did the missing money go? What exactly happened? And who is responsible? The prosecution pointed squarely at Bankman-Fried as the party responsible for the alleged fraud.
Both the defense and prosecution have now rested their cases, marking a significant milestone in the trial. The closing arguments, which began on Wednesday, are expected to continue as both sides make their final pleas to the jury.
The outcome of this trial could have significant implications for the cryptocurrency industry. If Bankman-Fried is found guilty, it could lead to increased scrutiny and regulation of cryptocurrency exchanges and other related businesses.
As the trial progresses, all eyes will be on the courtroom as the jury deliberates on the fate of one of the most prominent figures in the cryptocurrency world.