Coinfeeds Daily → FTX founder Sam Bankman-Fried's closing arguments begin in high-profile fraud trial

FTX founder Sam Bankman-Fried's closing arguments begin in high-profile fraud trial

Published: Nov 02, 2023 | Last Updated: Nov 02, 2023
Howard Kane

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.

Prosecutors' Accusations

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.

Defense and Prosecution Rest Their Cases

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.

Implications of the Trial

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.

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