Sam Bankman-Fried is paying his defense lawyers with $10 million of misappropriated FTX funds, lawsuit says

Sam Bankman-Fried is set to go to trial in October to face eight criminal charges including securities fraud and money laundering, from his time at FTX.

Highlights

• Sam Bankman-Fried is paying for his criminal defense lawyers with millions of dollars misappropriated from FTX.
• FTX lawyers say he has funded his defense with $10 million of company funds he previously gave to his dad.
• The crypto exchange imploded last November after a CoinDesk report prompted customers to withdraw their deposits, but FTX didn’t have enough money to fulfil demand — partly due to lavish spending by executives.
• The FTX founder is set to go on trial in October to face eight criminal charges, including securities fraud and money laundering, from his time at the crypto exchange.
• He has pleaded not guilty and is under house arrest at his parents’ home.

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