Joseph Bankman and Barbara Fried, parents of FTX founder Sam Bankman-Fried, arrive for the second day of their son's fraud trial in New York. NEW YORK: The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency's biggest exchanges, began on Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients.
Dressed in a dark suit and striped tie, his usually long curly hair was cut short, reportedly by a fellow inmate at the Brooklyn jail where he is being detained. FTX became a global name through a marketing campaign that included celebrity partnerships with stars such as supermodel Gisele Bundchen and basketball legend Stephen Curry, and buying the naming rights for the home arena of Miami Heat basketball club.
But his steep rise was matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas and extradited to face charges in the United States.His empire began to crumble last November when a news report pointed to unhealthy ties between the FTX platform and Alameda Research, Bankman-Fried's personally owned trading company.
"He was gambling in his own casino and it created conflicts of interest," Michael Lewis, an author who followed Bankman-Fried closely during the period, told CBS.
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