FTX Was Never Really Bankrupt
The prosecution in Sam Bankman-Fried’s criminal trial drilled into the jurors’ heads that FTX customer losses exceeded $8 billion, but never substantiated that claim. In reality, the crypto exchange had sufficient assets to make creditors whole all along – a fact that would likely change the public’s perception of its founder.
NEW HAVEN/STANFORD – Last November, FTX founder Sam Bankman-Fried’s closely watched criminal trial ended with his conviction on seven counts of fraud and conspiracy. According to the prosecution, Bankman-Fried stole “billions of dollars” from the crypto exchange’s customers “out of sheer greed.”