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The legal trial of Sam Bankman-Fried, former cryptocurrency magnate, accomplished its second day on Wednesday. The prosecution and protection each gave opening statements and interviewed the primary two witnesses, together with a buyer of FTX and Bankman-Fried’s former buddy and ex-Alameda and FTX worker Adam Yedidia.
The prosecution painted Bankman-Fried as somebody who knowingly dedicated fraud to realize nice wealth, energy and affect. The protection countered that Bankman-Fried acted in good religion, by no means meant to commit fraud or steal, and principally acquired in over his head.
The prosecution: Bankman-Fried’s empire was ‘constructed on lies’
In his opening argument, simply half previous midday, prosecutor Thane Rhen started by portray an image. “One 12 months in the past, Bankman-Fired was on high of the world.”
He arguably was.
Bankman-Fried was price billions of {dollars}, residing in a $35 million penthouse with pals and associates; he had two large companies, a crypto alternate, FTX and crypto hedge fund, Alameda Analysis (each of which have since gone bankrupt).
“He had wealth, he had energy, he had affect,” Rhen stated. “However all of it was constructed on lies.”
Rhen alleged that Bankman-Fried “took cash he didn’t have” to construct an empire. Rhen repeated a number of instances, and loudly, that Bankman-Fried stole “billions of {dollars}” from FTX prospects so he might spend the cash on “lavish homes for himself, his dad and mom, and his pals,” acquire affect in Washington and meet celebrities.
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