Federal prosecutors claimed Sam “SBF” Bankman-Fried “doubled down” on the use of customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021. According to U.S. government attorneys, Bankman-Fried paid for the buyout with funds from FTX customers.
The prosecution is delivering its closing arguments on Nov. 1 at the Southern District Court of New York, where Bankman-Fried’s trial has been taking place since Oct. 3. Jurors in the case reportedly heard from Assistant U.S. Attorney Nicolas Roos:
“The defendant had a choice: come clear or double down? He doubled down. Here’s when he doubled down. He used customer money to buy back FTX’s stock from Binance…. Read more on Cointelegraph