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Fortune

Ben Weiss

Lawyers swap closing statements in trial of Sam Bankman-Fried: ‘Pyramid of deceit’ or just ‘bad business judgements’?

Sam Bankman-Fried Mark Cohen Nicolas Roos FTX Crypto

FTX founder Sam Bankman-Fried (Credit: Jane Rosenberg—Reuters)

Since November 2022, Sam Bankman-Fried, the cofounder and former CEO of FTX, has told one story of his crypto exchange's collapse. Since December, the Justice Department has told a different one.

Was Bankman-Fried an awkward math nerd who acted in good faith up until FTX declared bankruptcy? Or was he a criminal mastermind who erected a crypto empire with stolen customer funds?

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