The Trial of Former FTX CEO Sam Bankman-Fried: A Comprehensive Overview
Former FTX CEO, Sam Bankman-Fried, is set to face a 21-day trial starting October 4, following charges related to the recent FTX collapse. The FTX exchange, once a household name in the U.S. for its high-profile sponsorships and campaigns, faced a liquidity crisis due to the plummeting value of its native FTX Token (FTT), leading to the FTX collapse. Bankman-Fried has been accused of seven counts of conspiracy and fraud, with potential penalties amounting to over a century of jail time if found guilty. The trial is considered one of the most significant crypto fraud cases in U.S. history, with $8.9 billion of customer deposits and investor funds missing following the FTX exchange collapse.
Despite the severity of charges in one of the biggest crypto fraud cases in history, Bankman-Fried maintains his innocence, having pleaded not guilty to all charges brought against him.
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