Former cryptocurrency entrepreneur Sam Bankman-Fried is facing trial in New York for allegedly defrauding customers and investors in the FTX crypto exchange. Federal prosecutors have accused Bankman-Fried of stealing billions of dollars to fund risky side bets, luxury real estate, and political contributions. However, his lead attorney argues that Bankman-Fried made well-intentioned decisions as he built his businesses. The trial will determine which version the jury believes. Bankman-Fried, who aspired to become the first trillionaire, has pleaded not guilty to charges including wire fraud and conspiracy to commit money laundering and securities fraud. Prosecutors claim that Bankman-Fried used customer deposits for personal gain, while his defense argues that he was simply operating in the fast-paced world of start-ups. The trial is a significant moment for the former crypto executive, who has recently been held in a Brooklyn jail. Witnesses have begun testifying, and the trial is expected to continue for six weeks.
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