ChainCatcher news, according to CoinDesk, the U.S. Department of Justice (DOJ) stated in the opening statement of the trial of FTX founder SBF that SBF's entire cryptocurrency empire is a "house of cards" "built on lies." SBF's defense team countered that SBF acted in good faith and it was not his fault that his business grew too fast and collapsed sharply. They put part of the blame on Caroline Ellison and said she failed to take safeguards. Ellison has pleaded guilty and will testify during the trial. SBF's criminal trial for alleged fraud and conspiracy began at 12:30 noon on Wednesday in New York. Assistant U.S. Attorney Nathan Rehn told the 12-person jury that the government will provide evidence and expert witnesses to prove that SBF "lied to customers" and used their funds to buy "money, power and influence" for himself.