Sam Bankman-Fried’s prison trial, set to kick off with jury choice on Oct. 3, will thrust the FTX founder and the collapse of one of many world’s greatest crypto exchanges again within the highlight. Will probably be a brutal reminder of an enormous misstep by Sequoia Capital, Paradigm and different buyers who poured a complete of $2 billion into Bankman-Fried’s corporations.
Fraud dedicated towards these buyers is a key a part of the trial, and federal prosecutors intend to concentrate on enterprise capitalists as victims, not enablers. Bankman-Fried has been charged not solely with siphoning billions of buyer cash from FTX accounts earlier than it collapsed, but in addition with mendacity to FTX’s buyers and lenders concerning the alternate’s danger administration and funds.
