Overview

• Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, is facing a fraud trial in Manhattan, facing allegations of fraudulent business practices and money laundering.
• His former colleagues, including ex-house counsel and executives, have testified against him, detailing their involvement in fraudulent activities.
• In his defense, Bankman-Fried argues that he relied on FTX's former legal team's advice which ultimately led to the cryptocurrency exchange's downfall, and weighed heavily on standard industry practices.
• Several consequences of these practices have been disclosed during the trial, including deceiving FTX customers and redirecting their deposits into the personal hedge fund, Alameda Research.
• Bankman-Fried may face more than 100 years in prison if convicted.