FTX founder Sam Bankman-Fried testifies at his fraud trial

FTX founder Sam Bankman-Fried began testifying at his fraud trial on Friday, saying the innovative business he hoped would move the cryptocurrency ecosystem forward ended up doing the opposite and hurting customers. The onetime cryptocurrency golden boy lost his businesses and his reputation as a pioneering entrepreneur in an emerging facet of finance when a rush of customers withdrew their money last year, exposing that billions of dollars were missing. “It turned out basically the opposite of that,” and a lot of customers and others got hurt, Bankman-Fried said.