FTX's Sam Bankman-Fried to Testify in Fraud Trial; Former Associates Detail Deception, Money Laundering Allegations

FTX founder Bankman-Fried set to clarify involvement of former in-house counsel in FTX business practices, amid allegations from former associates of fraudulent activities; Cryptocurrency mogul faces potential 100-year imprisonment if convicted.

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.