Bankman-Fried, 31, was arrested final December and tried on allegations of defrauding FTX buyers and clients, and Alameda Analysis’s lenders. The once-prominent crypto change CEO pleaded not responsible to all costs, and went to trial firstly of October, the place federal prosecutors sought to color him as somebody who intentionally got down to steal his clients’ funds – round $8 billion – to be used in quite a lot of purchases and investments, together with actual property, sports activities sponsorships and enterprise investments. His protection workforce argued that Bankman-Fried was an overworked businessman who made the error of assuming the corporate funds he used belonged to these corporations, quite than their clients or buyers.
