On October 3, Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, is due to go on trial for fraud and conspiracy in a court in the Southern District of New York.
Last fall, a report published by news outlet CoinDesk cast doubt over the health of FTX’s sibling company, Alameda Research, with which it had unusually close ties. When customers rushed to pull money out of the exchange, FTX couldn’t meet withdrawals. After a rescue deal from rival exchange Binance fell through, FTX filed for bankruptcy on November 11. A month later, Bankman-Fried was arrested in the Bahamas, where FTX was headquartered, and extradited
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