FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting."

"But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added.

<h2>A car race ad contradicts lawyer's remarks</h2>

However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives.

During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David.

Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company."

The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses.

Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund.

Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds.

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FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business.

FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting." "But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added. A car race ad contradicts lawyer's remarks However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives. During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David. Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company." The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses. Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund. Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bankman-Fried trial: Crypto was not for everyone, says FTX founder's lawyer

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients.

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The first day of the trial was devoted to jury selection for the case which would last for six weeks. Bankman-Fried, 31, faces seven counts including wire fraud, securities and commodities fraud, and money laundering. In the federal courthouse in lower Manhattan, US District Judge Lewis Kaplan told a group of 50 prospective jurors that he would ask them questions to try to seat a panel of 12 jurors and six alternates that could be fair to both prosecutors and the defence, the news agency Reuters reported. "The object is to select a jury of individuals who no matter what they may know or not know about these parties or about this case are willing and able to decide this case in a manner that's fair and impartial to both sides based solely on the evidence," Kaplan said. Bankman-Fried entered the courtroom alone - without being escorted by security guards - uncuffed, and took his place alongside his lawyers. The case According to federal prosecutors, Bankman-Fried embezzled from FTX customers from its founding in 2019 until its November 2022 bankruptcy to prop up his hedge fund Alameda Research, buy luxury properties, and donate over $100 million to American political candidates. A report by the news agency AFP said that the climax of the six-week trial is expected when the 31-year-old's former friends and colleagues take the stand, including his one-time romantic partner and Alameda executive Caroline Ellison, and his closest ally Gary Wang. Ellison and Wang have also been indicted in the case and agreed to cooperate with US authorities, which may prove Bankman-Fried's undoing. Bankman-Fried's defence The disgraced crypto star is expected to argue that FTX's Terms of Service did not prohibit the exchange from using customer funds for its own purposes, as long as it allowed users to withdraw their money. Bankman-Fried acknowledged inadequate risk management, but he denied stealing funds. The possible trial witnesses The possible witnesses in the trial might include Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci. Scaramucci, Bankman-Fried's father Joseph Bankman and his brother Gabriel Bankman-Fried were on a list of potential witnesses prosecutor Danielle Sassoon read in court during jury selection at the outset of Bankman-Fried's trial in order to see if any prospective jurors knew them. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Trial of FTX founder Sam Bankman-Fried gets underway with jury selection

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Bankman-Fried trial: Crypto was not for everyone, says FTX founder's lawyer

Trial of FTX founder Sam Bankman-Fried gets underway with jury selection