Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led.
to plug losses at Alameda Research, a crypto hedge fund he owned, as well as to make investments, buy real estate in the Bahamas, and donate to U.S. political campaigns - sometimes through "straw" donors used to mask the true source of the funds.
He faces one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy over the alleged theft of customer funds.Prosecutors say Bankman-Fried hid the fact Alameda had borrowed large sums of money from FTX from the exchange's auditors and used the resulting inaccurate financial statements they produced to reassure investors about his company's risk management.
His lawyers have also said pooling and reallocation of customer funds was common among cryptocurrency platforms and have signalled they could challenge witnesses from FTX investors and Alameda lenders as to whether they did sufficient due diligence.Bankman-Fried once faced as many as 13 charges, but five counts that were brought after he was extradited from the Bahamas - including bank fraud and foreign bribery conspiracy charges - wereof conspiring to violate U.S.
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