Bankman-Fried Faces Fraud Charges Over FTX Collapse as Prosecutors Allege $8 Billion Customer Funds Misuse

Sam Bankman-Fried is on trial for fraud relating to the collapse of his cryptocurrency exchange FTX. Prosecutors allege he misused $8 billion in customer deposits.

Several former employees, including Bankman-Fried's ex-girlfriend Caroline Ellison, have testified that he directed them to divert customer funds illegally.

Prosecutors have used Bankman-Fried's own words against him, citing past tweets, interviews and messages as evidence of deception.

The defense claims Bankman-Fried acted in good faith and lacked criminal intent, portraying him as an overwhelmed founder who neglected risk management.

Bankman-Fried is expected to testify soon in his own defense, but the judge has limited the scope of what he can say about relying on legal advice.