Tuesday, Sam Bankman-Fried began his trial for one of the biggest financial frauds in American history.
New York prosecutors say the former crypto-king stole billions of dollars from his FTX customers. They say he used this money for “…speculative venture investments; to make charitable donations; and to enrich himself.” That includes millions of illegal campaign donations to both Democrats and Republicans.
Bankman-Fried was once one of the most powerful cryptocurrency players with an estimated net worth of $32 billion; that was until his company abruptly collapsed last November. He’s pled not guilty to seven charges and faces up to 110 years in prison.
He’s also facing testimony from some of his former lieutenants who have pled not guilty to lesser crimes. This includes his former girlfriend and CEO of his company Alameda, Caroline Ellison.
The trial is expected to last until Nov. 9.