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The criminal trial<\/span> of former cryptocurrency magnate Sam Bankman-Fried completed its second day on Wednesday.<\/a> The prosecution and defense both gave opening statements, and interviewed the first two witnesses, including a customer of FTX and Bankman-Fried\u2019s former friend and ex-Alameda and FTX employee Adam Yedidia.<\/p>\n The prosecution painted Bankman-Fried<\/a> as someone who knowingly committed fraud to achieve great wealth, power and influence. The defense countered that Bankman-Fried acted in good faith, never meant to commit fraud or steal, and basically got in over his head.<\/p>\n In his opening argument, just half-past noon, the prosecutor Thane Rhen began by painting a picture. \u201cOne year ago, Bankman-Fired was on top of the world.\u201d\u00a0<\/span><\/p>\n And for what it\u2019s worth, he arguably was.\u00a0<\/span><\/p>\n Bankman-Fried was worth billions of dollars, living in a $35 million penthouse with friends and coworkers; he had two massive businesses, a crypto exchange, FTX, and crypto hedge fund, Alameda Research (both of which have since gone <\/span>bankrupt<\/span><\/a>.)<\/span><\/p>\n \u201cHe had wealth, he had power, he had influence,\u201d Rhen said. \u201cBut all of it was built on lies.\u201d\u00a0\u00a0<\/span><\/p>\n Rhen alleged that Bankman-Fried \u201ctook money he didn\u2019t have\u201d to build an empire. Rhen repeated several times, and loudly, that Bankman-Fried stole \u201cbillions of dollars\u201d from FTX customers so he could spend the money on \u201clavish houses for himself, his parents, and his friends,\u201d gain influence in Washington and meet celebrities.\u00a0<\/span><\/p>\n<\/p><\/div>\nThe prosecution: Bankman-Fried\u2019s empire was \u2018built on lies\u2019<\/b><\/h2>\n