FTX founder Sam Bankman-Fried's trial for fraud is sucking all the air out of the room. Crypto folks can’t wait for it to be over.
“I’m not the only one that thinks this is all just one very big distraction,” says crypto analyst Noelle Acheson, formerly of crypto brokerage Genesis. The sooner the industry is able to move beyond the “galactic embarrassment of FTX,” she says, the better. “It’s about starting again once is done.” When FTX went down last November, unable to meet a surge in withdrawals, it sent the industry into turmoil.
The vast majority of this was good, old-fashioned, old-timey fraud.” Bankman-Fried has denied fraud, and pleaded not guilty to the charges he faces. The focal point of the trial, says Warren, should instead be the harm done to customers of FTX. The group will have a voice in the courtroom: The prosecution opened its case with the testimony of an ex-FTX customer who lost $100,000 to the exchange.
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