The former Wunderkind is at the center of the biggest venture-backed fraud case since Theranos.
Photo illustration: Gabriella Turrisi/Axios. Photo: Tom Williams/CQ-Roll Call Inc. via Getty Images
All eyes will be on the eagerly awaited trial of former FTX CEO Sam Bankman-Fried, indicted on a litany of fraud charges, which kicks off in New York City on Tuesday.Crypto exchange FTX quickly rose to prominence amid the pandemic, becoming one of the largest by trading volume. At the height of its dominance, the platform attracted top investors and grew its valuation to $32 billion by January 2022.
Over a few short years, venture firms invested a total of $1.9 billion into FTX, and the company amassed a capped table that included some of Silicon Valley's most respected names.
FTX customers have been understandably vocal since the company collapsed, leaving many of them unable to withdraw the assets they had.Even if Bankman-Fried is convicted of defrauding them, whether they get their money back is a separate question . And even then, the damage has long been done.Share on linkedin
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