Summary

  • FTX founder and 'crypto king' Sam Bankman-Fried faces a New York court on charges of 'massive' fraud and money laundering

  • Bankman-Fried is accused of scamming FTX customers out of billions of dollars and using their money to illegally fund other ventures

  • In opening statements, prosecutors said: “He had wealth, he had power, he and influence but all of it was built on lies”

  • He was arrested in the Bahamas, where he told the BBC: "I didn't knowingly commit fraud... I didn't want any of this to happen"

  • The 31-year-old "crypto king" faces a century in prison if convicted in a trial expected to take six weeks. He has pleaded not guilty to all charges

Live Reporting

Edited by Marianna Brady and Brandon Livesay

  1. What is SBF accused of?

    Joe Tidy
    Cyber-security reporter

    Damian Williams, wearing glasses and striped tie with navy suit, next to poster listing allegationsReuters

    According to US Attorney Damian Williams of the Southern District of New York, Sam Bankman-Fried (SBF) committed one of the largest financial frauds in American history.

    The central allegation is that Bankman-Fried used customer funds from his company FTX to prop up his own risky investments in one of his other companies, Alameda Research.

    Prosecutors say he also spent millions, taken from deposits, on a luxury lifestyle and political donations - some of which are being considered illegal.

    When FTX collapsed last year, more than a million people were left out of pocket because they were unable to get their money out in time.

    Several of Bankman-Fried's colleagues have already pleaded guilty, including his former girlfriend, Caroline Ellison. Ellison was the CEO of Alameda Research.

  2. What’s happening today?

    A file photo of Sam Bankman-Fried at a court appearance in August.Getty Images

    A file photo of Sam Bankman-Fried at a court appearance in August. We haven't yet seen him today.

    This fraud trial is set to be one of the most watched in years.

    The proceedings started yesterday with jury selection which just concluded minutes ago in court.

    Opening statements from both sides will begin in about 15 minutes.

    It’s possible we could hear from witnesses today too, if there’s time after lunch.

    Sam Bankman-Fried's parents arrive at son's trial

  3. The New York street busy with two high-profile trials

    Kayla Epstein
    US reporter

    Columns and steps of courthouse, traffic signal, people crossing street, police officer and barricade

    Lower Manhattan is busy, with the trials of Donald Trump and Sam Bankman-Fried proceeding at neighboring courthouses

    It’s a busy morning in Lower Manhattan, where both Trump’s business fraud trial and Sam Bankman-Fried’s crypto fraud trial are taking place in neighboring courthouses.

    The square is surrounded by barricades and police.

    As I was nearing the courthouse I was stopped along with court employees. Officers told us New York Attorney General Tish James, who’s prosecuting Trump nearby, was arriving.

    I made my way around the block to the federal courthouse, where media is staked out at a side entrance.

    Jury selection ended a few minutes ago and opening statements are soon to begin.

    Man with red baseball cap leaning against police fence, cameras on tripods, open square

    Cameras line up along the side of the courthouse.

  4. Welcome

    Marianna Brady
    Live reporter

    Opening statements in the fraud trial for FTX founder Sam Bankman-Fried are about to begin in New York after two days of jury selection.

    The Department of Justice has filed 13 counts against the former billionaire, seven of which we will be hearing about in this trial.

    Access to what is said in court is limited as there is no technology allowed inside the room but our two reporters on the ground will be bringing you updates as quickly as they can.

    We will soon hear the opening statements from both sides. The defense will lay out the case for Bankman-Fried's innocence, while the prosecution will lay out evidence for why they believe the 31-year-old defrauded FTX customers in one of the biggest financial frauds in American history.

    Ultimately, the "crypto king's" trial could last as long as six weeks.