FTX founder Sam Bankman-Fried prepares for fight of his life in U.S. trial

, then 30 years old, posted a 14-tweet thread on the balance of “safety vs freedom” in cryptocurrency regulation.

The prosecution will try to prove that Bankman-Fried conspired with his inner circle of college and childhood friends to funnel billions of dollars of customers’ money from FTX in secret loans to his crypto trading firm Alameda Research, which spent the money lavishly on venture investments, luxury real estate, political donations and marketing — including a Super Bowl TV commercial and glossy Vogue magazine ads featuring FTX promoter Gisele Bündchen.

Bankman-Fried’s lawyers will probably try to undermine the credibility of the witnesses, pointing to their past relationships and the leniency they hope to receive in exchange for co-operating. In the likely event that the trial will proceed as planned, Bankman-Fried’s spree of interviews and filings by his legal team suggest his defence strategy will involve casting blame on others, including Ellison and FTX’s lawyers. He has said he was unaware of crucial details of the financial engineering behind the scenes of his empire, and that he never intended to defraud anyone.

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