The former FTX CEO, who is accused of orchestrating one of the largest financial frauds in history, plans to testify in his own criminal trial in a major gamble to avoid prison time.
Bankman-Fried built a multibillion crypto business spearheaded by FTX with the help of a group of young colleagues. Now three of his closest associates have turned against him.
Caroline Ellison accused Bankman-Fried of being the mastermind behind illegal activity at FTX. Her words carry weight: She worked with him and also once dated him.
Sam Bankman-Fried faces seven criminal charges, including for defrauding investors. His blockbuster trial is set to begin on Tuesday, and he could face an over 100-year prison term if convicted.
FTX's lawyers allege Sam Bankman-Fried's mom and dad helped shape their son's crypto empire and received millions of dollars worth of gifts and benefits from the now-bankrupt company.
The SEC announced this week a barrage of lawsuits against crypto exchanges Coinbase and Binance. The outcome could help define the future of the cryptocurrency sector.
U.S. regulators sued Binance, saying the world's largest crypto trading platform misled investors and regulators. The accusations were part of 13 charges unveiled by the SEC.
Most white-collar defendants lay low, but the ex-CEO of the collapsed cryptocurrency exchange FTX has been talking, tweeting, and sending email newsletters. Those comments could come back to hurt him.
A review found that the exchange's compliance program violated state laws, making it "vulnerable to serious criminal conduct." It will pay a $50 million fine and spend the rest beefing up oversight.
