Splashy advertisements featuring football star Tom Brady and comedian Larry David were among the first evidence seen by jurors Wednesday as prosecutors launched a historic fraud case against cryptocurrency maven Sam Bankman-Fried, depicting him as a villain who portrayed...
Splashy advertisements featuring football star Tom Brady and comedian Larry David were among the first evidence seen by jurors Wednesday as prosecutors launched a historic fraud case against cryptocurrency maven Sam Bankman-Fried, depicting him as a villain who portrayed himself as the Robin Hood of the crypto world.
Adam Yedidia, one of the trial's first witnesses, supported the government's claims when he testified that he met Bankman-Fried and they became “longtime friends” when they were both students at the Massachusetts Institute of Technology before they worked and lived together in the Bahamas. Bankman-Fried became a target of investigators when FTX collapsed last November amid a rush of customers seeking to recover their deposits, less than a year after Bankman-Fried spent millions of dollars on the 2022 Super Bowl with celebrity advertisements promoting FTX as the “safest and easiest way to buy and sell crypto.”
The casting of Bankman-Fried as the bad boy of crypto was contested by defense lawyer Mark Cohen, who told jurors in his opening statement that his client had “a very different story” to tell than prosecutors about what happened as he built his cryptocurrency empire between 2017 and 2022.He called Bankman-Fried a “math nerd who didn’t drink or party,” someone who launched his businesses after being educated at MIT and working on Wall Street for several years.
He said the employees also failed to close software loopholes, among multiple reasons why FTX failed that were not Bankman-Fried’s fault.
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