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Bankman-Fried, 31, was arrested final December and tried on allegations of defrauding FTX buyers and clients, and Alameda Analysis’s lenders. The once-prominent crypto change CEO pleaded not responsible to all expenses, and went to trial firstly of October, the place federal prosecutors sought to color him as somebody who intentionally got down to steal his clients’ funds – round $eight billion – to be used in quite a lot of purchases and investments, together with actual property, sports activities sponsorships and enterprise investments. His protection group argued that Bankman-Fried was an overworked businessman who made the error of assuming the corporate funds he used belonged to these firms, quite than their clients or buyers.
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