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- Billions of dollars of customer funds were lost after the price of crypto dipped and FTX collapsed.
- Prosecutors now say that Sam Bankman-Fried committed fraud and conspiracy when he oversaw FTX.
- SBF never intended to defraud anyone and there was no theft, defense attorneys argued on Wednesday.
The collapse of FTX in 2022 wasn't the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried's attorney argued on Wednesday.