US says Sam Bankman-Fried lied to jury, isn’t as “clueless” as he claims

FTX founder Sam Bankman-Fried's monthlong criminal trial neared its end today as the prosecution and defense presented closing arguments.

Bankman-Fried is accused of defrauding customers and investors of cryptocurrency exchange FTX and its affiliate Alameda Research. "This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money," US prosecutor Nicolas Roos told the jury today, according to Reuters. "Eventually it collapsed, leaving thousands of victims in its wake."

Roos described how FTX customers lost their investments when the exchange collapsed, the Associated Press wrote. "Who was responsible?" Roos said, pointing at the defendant. "This man, Samuel Bankman-Fried. What happened? He spent his customers' money and he lied to them about it."