The U.S. Department of Justice (DOJ) stated in the opening statement of the trial of FTX founder SBF that the entire cryptocurrency empire of FTX founder SBF is a house of cards built on lies.
SBF’s defense team countered that the former FTX founder acted in good faith even though his business grew too fast and collapsed dramatically through no fault of his own, SBF’s lawyers said.
They placed some of the blame on one of his employees, his former lover Caroline Ellison, and said she failed to take safeguards.
Ellison has pleaded guilty and will testify during the trial. SBF’s criminal trial on fraud and conspiracy charges begins at 12:30 pm in New York on Wednesday.
Assistant U.S. Attorney Nathan Rehn told the 12-person jury that the government will present evidence and expert witnesses to prove that the former cryptocurrency king lied to his clients and used their money to buy himself money, power and influence.