The trial for the FTX cryptocurrency exchange has commenced in New York

The trial for the FTX cryptocurrency exchange has commenced in New York

Today marks the start of the trial for Sam Bankman-Fried, the founder of FTX, a former cryptocurrency exchange, in a courtroom located in New York City.

Bankman-Fried and former executives of FTX are on trial for allegedly orchestrating one of the biggest financial frauds in US history.

FTX collapsed last November, claiming $8 billion in losses and listing over a million creditors.

Bankman-Fried faces seven criminal counts, including wire fraud, securities fraud, and money laundering.

US regulators allege he misused billions of dollars worth of customer money for personal purchases, including buying $200 million of real estate in the Bahamas.

A conviction could land him over 100 years in prison.

The trial is expected to last up to six weeks and attract global media attention.

Learn more: Baystreet.ca

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