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as a result of a multi-billion dollar bank run sparked by reports that it spent customer funds on risky investments in then-CEO Sam Bankman-Fried’s investing company, Alameda Research. In December 2022,. Bankman-Fried pleaded not guilty to seven criminal charges, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.
Taking the stand in his own defense in his criminal fraud trial, the 31-year-old Bankman-Fried explained that FTX’s risk-management structure came unwound, but he attempted to couch that as a failure that resulted because the company had grown too rapidly.FTX crypto founder Sam Bankman-Fried was rebuked by the judge multiple times while testifying in his fraud and money laundering trial on Friday.
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