The founder of the failed FTX digital currency exchange, Sam Bankman-Fried, is set to begin his trial on federal charges of fraud and money laundering. The trial comes after FTX’s collapse, which had a significant impact on the cryptocurrency industry and led to a government crackdown. The charges against Bankman-Fried have put the rest of the crypto industry on trial, highlighting the unrestrained hubris and shady deal-making that became synonymous with cryptocurrencies during the pandemic. Bankman-Fried rose to prominence as a well-regarded figure in the crypto industry, promising to work with regulators and raising $2 billion in venture funding. It will also serve as a test for the crypto industry, as it grapples with the consequences of unchecked hubris and questionable practices.

Source: New York Times October 02, 2023 15:02 UTC