Opening Statements Presented in Bankman-Fried Trial

Facts

On Wednesday, opening statements were made in front of a jury of 10 women and two men in the criminal trial of former cryptocurrency entrepreneur Sam Bankman-Fried in a downtown Manhattan courtroom.¹
Bankman-Fried, who founded the now-bankrupt cryptocurrency exchange FTX, and sister hedge fund Alameda Research, is accused of diverting billions of FTX customers’ money to risky trades at Alameda and unlawful purchases.²
Prosecutors estimated Bankman-Fried took more than $10B from unsuspecting customers, with lead prosecutor Thane Rehn describing Bankman-Fried’s actions as 'a massive fraud' committed to 'make himself even richer.'³
In response, Bankman-Fried’s lawyer Mark Cohen said no one was defrauded and his client didn’t intend to defraud anyone, adding that Bankman-Fried’s business practices were 'reasonable' and that 'it’s not a crime to be the CEO' of a bankrupt company.³
The trial, which is expected to last approximately six weeks, should feature several high-profile witnesses, including Bankman-Fried’s father and brother, and Anthony Scaramucci, a one-time spokesperson for former Pres. Donald Trump.⁴

Narrative A, as provided by Wired. There was no fraud committed here. Anyone investing with FTX knew the risks involved and was informed about their money being shared with Alameda. All decisions made by Bankman-Fried were made above board, and had it not been for a run on FTX it would still be rolling along.
Narrative B, as provided by Bloomberg. Whether the defense tries to paint Bankman-Fried as a good-faith actor or a naive math nerd, there are numerous technical reasons not to believe the story Bankman-Fried’s lawyers are telling. What it comes down to is that Bankman-Fried was living in a $30M penthouse while he was betting big with clients’ money, and now their money is gone. This doesn't look good for the former crypto czar.