Prosecutors claim FTX crypto empire of Sam Bankman-Fried was constructed with deception.

Former FTX CEO Sam Bankman-Fried has appeared in a New York court to face charges that his bankrupted financial empire was built on deception. Prosecutors accused Bankman-Fried of stealing billions from clients and investors, committing fraud on a massive scale. However, his lawyers argued that he was a math enthusiast who acted in good faith. The high-profile trial is expected to last about six weeks. Bankman-Fried gained fame after founding FTX in 2019 and became known as the "King of Crypto." However, he was later arrested and charged with fraud when FTX collapsed into bankruptcy. If found guilty, he could face decades in prison. The trial opened with prosecutors stating that Bankman-Fried had taken more than $10 billion from unsuspecting FTX customers. The defense argued that there was no theft and Bankman-Fried followed legal advice. Four of his close business colleagues have already pleaded guilty, and three are expected to testify against him. The trial began with a French customer, Marc-Antoine Julliard, testifying that he lost $133,000. Panorama, a BBC program, will delve into Bankman-Fried's rise and fall in the crypto world.