Sam Bankman-Fried's trial has begun, and the Bay Area native and crypto mogul is facing testimony from his close confidants and co-executives.
Sam Bankman-Fried’s trial began in New York just three days ago, and the former crypto mogul is already getting slammed with damaging testimony. The 31-year-old Bay Area native faces federal charges of fraud, conspiracy and money laundering for his actions atop crypto exchange FTX and hedge fund Alameda Research. The eyes of the cryptocurrency industry and wider business world are on the Manhattan courthouse, where the jury was selected this week. The trial is expected to last over a month.
“What Alameda did seemed like a flagrantly wrong thing to have done,” Yedidia told the court, according to the Washington Post, adding that he resigned when he learned what was happening. The crypto founder has a very difficult road ahead.
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Sam Bankman-Fried trial: Cocoa bean trader who lost $100,000 to FTX was first witnessMacKenzie Sigalos is a technology reporter for CNBC with a focus on cryptocurrency and fintech.
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