BITCOIN-BILLIONARE TO… BANKRUPT
Sam Bankman-Fried (“SBF”), the CEO of now-bankrupt crypto exchange FTX headed to court in lower Manhattan on Tuesday to begin his criminal trial for allegedly masterminding one of the biggest financial frauds in U.S. history.
Once lauded as the “Bitcoin Wunderkind” and “The Next Warren Buffet” on the cover of Fortune magazine, SBF now faces seven criminal counts including wire fraud, securities fraud and money laundering … a conviction on all counts could land him 100+ years in prison.
The case, while serious, makes for some captivating revelations (and headlines) in the weeks and months (years?) ahead. So buckle up, and grab your popcorn as you watch crypto history unfold in front of you. Ironically, Bitcoin (BTC) has been on the rise in recent weeks, reaching as much as $28K from the September lows of $25K.