Prosecutors Allegedly Accuse renowned crypto mogul Sam Bankman-Fried of Engaging in Deceptive Practices

Former cryptocurrency executive Sam Bankman-Fried is facing allegations of deceit as his fraud trial in the US nears its conclusion. Prosecutors claim that Bankman-Fried lied to customers, the public, and the jury. He is charged with fraud and money laundering. Prosecutors argue that he caused the collapse of his cryptocurrency exchange, FTX, by stealing billions of dollars from customers. Bankman-Fried denies the charges and asserts that he acted in "good faith." His defense lawyer contends that prosecutors failed to prove that the entrepreneur had criminal intent. However, the prosecutor argued that Bankman-Fried's claims of unawareness were not credible, calling it a "pyramid of deceit." Allegations state that Bankman-Fried set up special systems and used customer deposits for personal purposes. The collapse of FTX left $8 billion in customer funds missing, owed by Bankman-Fried's hedge fund Alameda. The prosecutor emphasized that the case is not about complicated crypto issues but about deception and greed. Deliberations are expected to begin on Thursday. If convicted, Bankman-Fried could face decades in prison.