File - Sam Bankman-Fried leaves Manhattan federal court in New York on Feb. 16, 2023. The fraud trial of Bankman-Fried, the founder of failed cryptocurrency brokerage FTX, begins Tuesday with jury selection. , a tech wunderkind who once promoted his FTX digital coin exchange as a safe way for regular people to get into cryptocurrency, faces the start of a criminal trial over allegations that he cheated thousands of customers.
U.S. Attorney Damian Williams, who is overseeing the prosecution, has called it one of the biggest frauds in the country's history. He has blamed FTX's collapse last November, in something equivalent to an old-fashioned bank run, on vindictive competitors, his own inattentiveness and fellow executives who he said failed to manage risk properly.
As recently as early last fall, Bankman-Fried portrayed himself as a stabilizing force in the cryptocurrency industry. He spent millions of dollars on celebrity advertisements during the 2022 Super Bowl that promoted FTX as the “safest and easiest way to buy and sell crypto” and “the most trusted way to buy and sell” digital assets.
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