Sam Bankman-Fried's meteoric rise in the Bahamas crypto scene, hailed as an MIT math prodigy, visionary startup founder, and aspiring philanthropist
Facing seven counts, including wire and securities fraud, with allegations of embezzling billions from FTX customers, covering losses at AlamedaResearch, and deceiving FTX investors.
FTX's dazzling ascent during the crypto boom, achieving a valuation exceeding $30 billion, followed by its precipitous collapse due to market turmoil, financial concerns, and an $8 billion shortfall leading to bankruptcy.
SBF's defense strategy centers on portraying himself as an inexperienced entrepreneur, possibly utilizing an "advice of counsel" defense, and placing blame on Alameda's CEO, while some former associates cooperate with prosecutors.
The trial's commencement on October 3, lasting up to six weeks, with SBF held in the Metropolitan Detention Center and facing the possibility of a 110-year prison sentence if found guilty on all seven criminal counts.
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