Sam Bankman-Fried was found guilty of seven counts of fraud and conspiracy. Insider reporter Jacob Shamsian fills you in on how the former crypto billionaire got here.
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Sam Bankman-Fried testified before a jury for the first time on Friday saying he did not defraud FTX customers or take their funds, according to Bloomberg’s live reporting of the trial.
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The trial of FTX founder Sam Bankman-Fried reached its halfway point, and a flurry of incriminating evidence, emotional testimonies, and odd tales have surfaced in the last three weeks.
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Sam Bankman Fried allegedly entertained a plan to raise capital from Saudi Crown Prince Mohammed bin Salman, according to former Alameda CEO Caroline Ellison in her testimony on Wednesday.
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Fear, uncertainty, and doubt around Alameda Research’s relationship with his FTX cryptocurrency exchange caused Sam Bankman-Fried to consider shuttering the trading platform in 2022, according to an unpublished tweet thread revealed in his trial on Monday.
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Last year, it took reporters digging into Alameda Research’s balance sheet to finally show that ex-FTX CEO Sam Bankman-Fried’s big crypto house of cards was built on a shaky bedrock of customer funds.
Fatih Aktas/Anadolu Agency via Getty Images; Michael M. Santiago/Getty Images
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