Sam Bankman-Fried, the former CEO of the bankrupt cryptocurrency exchange FTX, is set to face a 21-day criminal trial starting from October 4th. Bankman-Fried has been in pre-trial detention since August 11th and has filed unsuccessful motions seeking his release. The judge denied his latest motion, citing concerns about him being a flight risk. FTX was once a prominent player in the cryptocurrency industry, known for its high-profile sponsorships and campaigns. However, the company’s troubles began in November 2022 due to its relationship with Bankman-Fried’s trading firm Alameda Research and a liquidity crisis caused by the sell-off of FTT tokens by Binance. Bankman-Fried is facing seven counts of conspiracy and fraud related to the collapse of FTX. The trial is expected to include testimony from former clients, investors, and staff, as well as cooperating witnesses who have pled guilty to fraud charges alongside Bankman-Fried. If convicted on all charges, he could face over 100 years in prison. Legal experts believe this trial could be one of the most significant fraud cases in U.S. history.
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