After the creation of the FTX Crypto Exchange, the name Sam Bankman-Fried (SBF) has steadily grown in the cryptocurrency world. The market maker, investor, and tech entrepreneur achieved a great level of success in the cryptocurrency arena, making him an overnight sensation in the blockchain and cryptocurrency industry. Unfortunately, last week, Bankman-Fried had to face a criminal fraud trial in the Florida court of law.
The criminal trial kicked off with the prosecutors presenting a video of Bankman-Fried himself discussing about a questionable and distressed asset transfer in an online Q&A session. The video was taken from a public forum and was judged as an evidence against him in the Florida State Court. Bankman-Fried was plainly heard saying, “I made a bad decision that wasn’t very ethically done.”
The prosecutors further drew attention to Bankman-Fried’s conversation as a guide for how to pull off fraud while appearing legal. In the audio-video evidence, Bankman-Fried was seen talking about the process involved in transferring a distressed asset from one owned by an unlicensed company to a properly licensed corporation. The prosecutors found this conversation as a guide to committing fraud without detection.
Florida prosecutors charge Bankman-Fried for fraud and unlawful debt and asset transfer. However, Bankman-Fried has been more than cooperative in understanding the charges against him, appointing a good legal team to defend his case. He has so far only pleaded not guilty to the charges presented against him by Florida prosecutors.
According to Godzillanewz, an online news portal on cryptocurrencies, the criminal fraud trial of Bankman-Fried is still underway and it’s expected to be completed before the end of the current week. As for the outcome of the trial, we’ll have to wait and see what the Florida State Court has to say about it.