The FTX charges crypto king Sam Bankman-Fried with 'deceit'

Prosecutors have accused former crypto boss Sam Bankman-Fried of deceit as his US fraud prosecution draws to a close, claiming he repeatedly lied to customers, the public and the jury.

Mr. Bankman-Fried faces fraud and money laundering allegations. According to prosecutors, he caused the failure of his cryptocurrency exchange, FTX, by stealing billions of dollars from consumers. He has denied the allegations and asserted that he acted in "good faith."

The defense attorney for Mr. Bankman-Fried stated that the prosecution failed to prove beyond a reasonable doubt that the entrepreneur acted with criminal intent. However, prosecutor Nick Roos stated that Mr. Bankman-Fried's claims that he was unaware of what was occurring at his company were "not remotely credible."

US government prosecutors contend that Mr. Bankman-Fried directed the establishment of special systems, such as an enormous line of credit, that enabled his crypto hedge fund Alameda Research to accept billions in FTX customer deposits.

They claim he used the funds to repay Alameda lenders, purchase real estate, make investments, and make political contributions.

Alameda owed $8 billion (£6.6 billion) in client funds when FTX collapsed last year, according to sources. Mr. Roos stated, "Only one person had the motivation" for such conduct.

Mr. Roos stated that this is not about intricate crypto issues, it's not about hedging, and it's not about technical jargon, It's about deception, theft, and avarice.

He contested Mr. Bankman-Fried's testimony, stating that he was a "different individual" depending on whether he was being questioned by his own attorneys or the government.

Lawyers for the two sides summed up their cases for the jury on Wednesday, staying late to conclude.

On Thursday, deliberations are anticipated to commence. The entrepreneur contests the allegations and asserts he acted in "good faith."

In contrast to the morning, when he was seen passing notes to his team and typing on the internet-disabled laptop he was granted a special exception to have in the courtroom, he spent the majority of his attorney's closing argument facing the jury with his hands lying below the desk.

His attorney, Mark Cohen, stated that the special features of Alameda's account that drew the attention of prosecutors were established for "valid business objectives, not to carry out a grand fraud scheme."

The 31-year-old former billionaire was detained last year following the failure of his company, FTX. Many consumers were unable to recover their funds after the collapse.

Before the collapse of his companies, Mr. Bankman-Fried was known for socializing with celebrities and making frequent appearances in Washington, D.C. and the media to discuss the sector with a head of untamed curls.

Mr. Cohen stated that the government had incorporated irrelevant elements, such as Mr. Bankman-Fried's unruly hair and cargo shorts.

Mr Bankman-Fried faces decades in prison if convicted. His "Crypto King" appellation was a result of his firm's rapid expansion and deal-making during a market downturn last year.

During the trial that began in early October, the businessman acknowledged he had made "mistakes" in managing his business empire, but he denied ever committing fraud.

He portrayed himself as being overburdened by work and claimed that he only became aware of Alameda's problems after it was too late. According to him, the problems at the company arose because employees, including his ex-girlfriend, disregarded his instructions.