On the day 2 of trial, the US Department of Justice (DOJ) accused Sam Bankman-Fried, CEO of FTX exchange, of intentionally defrauding investors for personal gain. SBF’s defense team denied the allegations of secret deals and backdoors that would allow him to defraud investors. Many were surprised by the accusations given FTX’s rapid growth and innovation. The outcome of the case remains uncertain, but its impact on the crypto industry is expected to be significant.