Sam Bankman-Fried built a multi-billion dollar empire on “lies” by stealing customers’ investments in the now-bankrupt FTX crypto exchange to prop up his failing hedge fund, prosecutors said in opening statements of his blockbuster fraud trial.
Mr Bankman-Fried funded a life of untold wealth by channelling billions in cash and cryptocurrencies through a secret backdoor between FTX and Alameda, his crypto hedge fund, assistant US attorney Thane Rehn told a federal jury in Manhattan on Wednesday.
