In a gripping courtroom session on Wednesday, Assistant U.S. Attorney Nicolas Roos presented his closing arguments in the high-profile trial of the co-founder of crypto change FTX, Sam Bankman-Fried, in which the narrative portrayed a picture of a man who believed he could deceive countless individuals and escape the consequences.
About a year ago, as people began withdrawing from FTX in droves, with amounts ranging from millions to billions, a significant number were unable to access their savings.
As anxiety grew among the users, it became clear that FTX was bankrupt.
The burning questions were — where did the money go and who was behind it? The prosecution firmly pointed to Bankman-Fried.
According to Roos, Bankman-Fried misappropriated his customers' funds, using them for various personal expenses, including real estate purchases and political donations.
This pyramid of deceit, as Roos labeled it, left numerous victims grappling with losses.
The prosecutor stressed this wasn't a matter of understanding the intricate workings of cryptocurrency, but simply about "lies, stealing, and greed."
Roos highlighted that thousands of customers had entrusted millions to FTX, lured by the promises of safety and security, backed by advertisements featuring celebrities such as Tom Brady and Larry David.
However, internal strife at FTX became apparent when key figures such as Adam Yedidia and Can Sun resigned.
Other associates, including Caroline Ellison, Gary Wang and Nishad Singh testified that customer funds were never meant to be misused in the manner they were.
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A staggering $10 billion was reportedly missing, with Bankman-Fried squarely in the crosshairs of responsibility.
Roos emphasized the defendant's knowledge and intent in his actions, dismissing any claims of ignorance.
Bankman-Fried's behavior during the trial was also brought into question, with the prosecutor highlighting his evasiveness and inconsistency during cross-examination.
The prosecution presented evidence suggesting Bankman-Fried's dual system of operation: a public one for regular users and a secret one for his other enterprise, Alameda Research.
Documents and testimonies from witnesses painted a picture of a man deeply involved in orchestrating this duplicitous scheme.
In a final blow, Roos revealed Bankman-Fried had used customer funds to repurchase FTX's stock from another major crypto exchange, Binance, to the tune of $2 billion.
Read Next: UK Regulator FCA Approves PayPal As Crypto Service Provider On Heels Of Suspension
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