Sam Bankman-Fried takes the stand in wire fraud trial

FTX head says he doesn’t know how $9 billion in funds disappeared

The Fed building with an FTX logo in the sky montage

Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, said he does not know what happened to billions in deposits.

The former crypto entrepreneur is on trial in New York for seven counts of wire fraud and conspiracy. The US attorney for the Southern District of New York, Damian Williams, called the FTX scandal “one of the biggest frauds in American history”. 

The Securities and Exchange Commission alleges FTX was a fraud “from the start”, with a “multi-billion-dollar deficiency

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