Cryptocurrency fraud: FTX founder Sam Bankman-Fried on trial

Once the poster child for responsibility in the crypto sector, Sam Bankman-Fried faces seven counts of fraud and conspiracy and is accused of embezzling funds and contributing to the downfall of the prominent cryptocurrency exchange FTX.

Sam Bankman-Fried, known in the crypto community as “S.B.F.,” founded the collapsed cryptocurrency exchange FTX in 2019, after launching the crypto hedge fund Alameda Research in 2017. Prior to his involvement in the cryptocurrency sector, he worked as a trader on Wall Street. At his peak, Bankman-Fried held a fortune of $26 billion (€24 billion).