Golden Finance reported that the U.S. Department of Justice (DOJ) stated in the opening statement of the trial of FTX founder SBF that the entire cryptocurrency empire of FTX founder SBF is a "house of cards" "built on lies". SBF's lawyer said that SBF's defense team countered that the former FTX founder acted in good faith, although his business grew too fast and collapsed dramatically due to his own fault. They put part of the blame on one of his employees, his former lover Caroline Ellison, and said she failed to take safeguards. Ellison has pleaded guilty and will testify during the trial. SBF's criminal trial on fraud and conspiracy charges began at 12:30 p.m. 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 the former cryptocurrency king "lied to his customers" and used their money to buy "money, power and influence" for himself.