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Among some crypto journalists, there is a sense the ongoing criminal trial of disgraced FTX founder Sam Bankman-Fried may be the last great crypto trial. FTX’s implosion, and the subsequent market contagion and negative feedback loop of media coverage it kick started, has done the blockchain industry irreparable damage. The size of the estimated losses to FTX investors and users would, if convicted, place Bankman-Fried among the largest financial frauds in history. And, as many said, for better or worse, crypto is on the stand alongside him.
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