CoinDesk reported:
“Mr. Bankman-Fried repeatedly, pervasively, and often persuasively lied to stakeholders and customers and creditors in order to maintain a digital con game,” Dietderich told the court. “[FTX] was a facade, a digital Potemkin village or, perhaps more apt, a video game,” he continued. Behind the user interface there was no correspondingly sophisticated reality, no equivalent process for segregating assets or reconciling trades, no reliable relationship between the positions reflected in the online game and the underlying positions held in the real world.”