Prosecutors Allege Sam Bankman-Fried Built 'Pyramid of Deceit' at FTX, Misused Customer Funds

Sam Bankman-Fried built a "pyramid of deceit" with his crypto exchange FTX, prosecutors allege.

FTX collapsed in November 2022 after customers tried to withdraw billions following concerns about links to Bankman-Fried's hedge fund.

Prosecution says Bankman-Fried siphoned customer funds into his hedge fund Alameda to cover its debts.

Bankman-Fried's defense lawyer argues the prosecution focused too much on his appearance rather than actions.

Prosecutors say Bankman-Fried lied repeatedly in testimony and treated FTX customer funds as his "personal piggy bank".