Sam Bankman-Fried, founder and former chief executive of the collapsed FTX exchange, will begin his six-week trial in New York City on Wednesday (AEDT).
Former crypto wunderkind Sam Bankman-Fried faces a possible 115-year jail sentence if found guilty of defrauding investors in his collapsed crypto exchange FTX, in a trial that begins this week.
In contrast to Miller’s resignation, the world’s media will crowd into a New York courtroom from Tuesday to watch the blockbuster six-week, seven-charge trial in which the 31-year-old founder and former FTX chief executive is accused of wire fraud and misleading investors., after billions of dollars of customer money was siphoned into a sister business called Alameda Research and lost in speculative trades.
Fellow crypto exchange operator Binance then made a bid to buy the FTX business, but withdrew it after seeing the internal financials, declaring its “issues are beyond our control or ability to help”.In November, Bankman-Fried resigned as chief executive and the exchange was placed into administration. He was then arrested at his Bahamas compound and extradited to the United States.. FTX had established two companies in Australia, FTX Australia and FTX Express.
Last month, he was removed from house arrest at his parent’s residence in Palo Alto, California, and sent to jail after a judge found he had been reaching out to FTX lawyers through a VPN, a system for cloaking internet activities. The remaining charges are “conspiracy” allegations, which mean the prosecution will have to prove that Bankman-Fried planned to commit these crimes with at least one other person.
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