A ‘Pyramid of Deceit’ Is How Prosecutor Describes FTX; Defense Calls Case Against Ex-Crypto Mogul a Fantasy

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He then moved to a second key moment later that year, when Bankman-Fried continued to spend billions on new investments at a time when the prosecutor said it should’ve been clear Alameda, which had already borrowed billions from FTX users, had less assets than liabilities. “You don’t have to go to MIT to know that if you have more debts than money, and you want to spend more money, then you’re going to be more in debt,” he quipped to the jury.

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