Sam Bankman-Fried’s cryptocurrency exchange FTX may have lost at least $8 billion in customer money, but he “didn’t intend to defraud anyone,” his defense team said Wednesday during the opening arguments of his highly anticipated trial. Though legal experts had long speculated that Bankman-Fried, or SBF for short, would take a “blame the lawyers” approach, the defense painted a picture of a business leader acting “in good faith” but brought down by inexperience and the inherent volatility of crypto.
In October of last year, Bankman-Fried, the MIT-educated son of two Stanford Law School professors, was one of the highest-profile CEOs in the world. After founding FTX just four years ago,
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