The felony trial of Sam Bankman-Fried, former cryptocurrency magnate, accomplished its second day on Wednesday. The prosecution and protection each gave opening statements and interviewed the primary two witnesses, together with a buyer of FTX and Bankman-Fried’s former pal and ex-Alameda and FTX worker Adam Yedidia.
The prosecution painted Bankman-Fried as somebody who knowingly dedicated fraud to realize nice wealth, energy and affect. The protection countered that Bankman-Fried acted in good religion, by no means meant to commit fraud or steal, and principally bought in over his head.
The prosecution: Bankman-Fried’s empire was ‘built on lies’
In his opening argument, simply half previous midday, prosecutor Thane Rhen started by portray an image. “One year ago, Bankman-Fired was on top of the world.”
He arguably was.
Bankman-Fried was price billions of {dollars}, residing in a $35 million penthouse with buddies and associates; he had two huge companies, a crypto change, FTX and crypto hedge fund, Alameda Research (each of which have since gone bankrupt).
“He had wealth, he had power, he had influence,” Rhen stated. “But all of it was built on lies.”
Rhen alleged that Bankman-Fried “took money he didn’t have” to construct an empire. Rhen repeated a number of occasions, and loudly, that Bankman-Fried stole “billions of dollars” from FTX prospects so he may spend the cash on “lavish houses for himself, his parents, and his friends,” acquire affect in Washington and meet celebrities.