Prosecutors allege the 31-year-old stole funds from FTX, a crypto exchange he founded, both for personal use and to cover losses at a separate hedge fund.
whiz kid who at his height commanded a financial empire worth some $32 billion is underway in New York, with opening statements in, the crypto exchange he founded, both for his personal use and to cover ballooning losses at Alameda Research, a crypto hedge fund run by his on-and-off girlfriend, Caroline Ellison.Ellison figures to play a prominent role in the trial. The 28-year-old pleaded guilty to fraud charges in December and is expected to be a star witness for the prosecution.
“The defendant took billions of dollars in FTX customer deposits from Alameda bank accounts and he spent it — and the customers had no way to know that their money was being used in this way,” said Rehn.Bankman-Fried has pleaded not guilty to the seven-count indictment, which levels charges of conspiracy, fraud and money laundering.
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