, the former CEO of one of the cryptocurrency industry's biggest exchanges, begins on Tuesday to determine whether he committed massive fraud against more than a million clients.
In just a few years, the curly-haired Massachusetts Institute of Technology graduate turned his FTX platform into the world's second-biggest crypto exchange, making him the tech world's latest billionaire wunderkind feted from Wall Street to Silicon Valley. His empire began to crumble last November when a news report pointed to unhealthy ties between the FTX platform and Alameda Research, the company's crypto-focused investment arm.
Danielle Sassoon, an assistant US attorney in Williams' office, told a hearing that the number of victims of Bankman-Fried's alleged actions could be"in excess of a million".SBF - as Bankman-Fried is known - was extradited at the end of December from the Bahamas, where FTX was headquartered, and released on a US$250 million bail upon his arrival in New York.
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