Department of Justice prosecutors have announced that they will be calling FTX customers to testify against the exchange's founder, Sam Bankman-Fried, in his upcoming trial. The customers will detail how the exchange's collapse cost them millions of dollars. The collapse occurred after it was revealed that FTX did not back user deposits one-to-one and instead used customer money to cover up shortfalls at its associated trading firm, Alameda Research. The DOJ has also been working to flip former FTX executives, with three agreeing to cooperate and a fourth pleading guilty but invoking his Fifth Amendment right. The trial is set to begin on Tuesday with jury selection.
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Department of Justice to call FTX customers as witnesses in Sam Bankman-Fried trial over exchange's