Sam Bankman-Fried’s casual wardrobe and wild curly hair were a subject of discussion in court on Friday.
Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. If convicted on all seven fraud counts he faces, the 31-year-old could spend the rest of his life in prison. Prosecutors claim that Bankman-Fried’s crypto exchange, FTX, “was built on lies,” and that he took money from customers to enrich himself and his family, buy luxury beachfront property in the Bahamas and funnel millions into US political campaigns.
And the more he thought about it, Bankman-Fried said, the more he became convinced that he could grow FTX despite the challenge of attracting customers. It began to feel “less hopeless, like maybe we could figure it out,” SBF said. “I thought there was maybe a 20% chance of success,” and an 80% chance it would shut down after a few months, he told jurors. “Even that 20% chance was a huge opportunity, given that the biggest exchanges at the time were multibillion-dollar companies.
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