The trial of Sam Bankman-Fried, the former CEO of crypto exchange FTX, is currently underway. The United States Department of Justice (DOJ) and the defense have presented their arguments. The DOJ accuses Bankman-Fried of intentionally deceiving investors and using his company, Alameda, to steal customers’ funds. They also claim that he had influence over politicians in Washington. On the other hand, the defense argues that Bankman-Fried made business decisions that didn’t work out and denies any involvement in secret transactions or theft. They also highlight the role of Binance in the collapse of FTX.During the trial, testimonies from witnesses such as Caroline Ellison and Gary Wang will provide insider details about Bankman-Fried’s alleged crimes. However, the defense questions their credibility due to their cooperation agreement with the government. They also emphasize that other market makers had similar privileges at FTX and that going negative was a common feature for any market maker.The trial will continue with Wang’s testimony and Ellison’s upcoming testimony.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	None
Companies	FTX, BlockFi, Genesis Capital, Binance, Alameda Research
Currencies	None
Securities	None