The trial of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX and hedge fund Alameda Research, is set to commence in New York on Tuesday, October 3.
This comes almost a year after the collapse of both FTX and Alameda Research. The events leading up to the trial paint a picture of alleged fraudulent activities and money laundering that caused significant damage to the businesses involved.
Ex-SEC Official’s Bleak Prediction As Sam Bankman-Fried Trial Commences
In a nutshell, Alameda Research purportedly took customer deposits from FTX and invested them in fictitious crypto tokens, which derived their value from the confidence in FTX’s operations.
When this confidence waned, FTX and Alameda Research suffered substantial losses, which many argue contributed to a broader disillusionment in the cryptocurrency industry.
Following an investigation, federal authorities uncovered numerous alleged crimes, leading to seven federal fraud and money-laundering charges against B
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