3 Times Bankman-Fried Allegedly Lied Before He Was Famous
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Sam Bankman-Fried
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“He poured money — other people’s money — into investments to make himself even richer,” the prosecutor said in opening arguments.
Michael Lewis’ “Going Infinite” outlines how the FTX CEO was worried his employees had gotten too rich because SRM’s price had gone up so much. So, he made it impossible for them to sell for longer.
Is crypto “uniquely” responsible for the rise and fall of FTX?
Attorneys for FTX founder Sam Bankman-Fried asked the judge overseeing the case to clarify his orders around certain proposed arguments, including arguments about FTX’s regulated jurisdictions, bankruptcy recoveries and his charitable work.
The author’ latest book, “Going Infinite,” is an eyewitness account of the fall of FTX’s founder, who Lewis said is “misunderstood.”
Several of Bankman-Fried’s former colleagues and friends will testify against the one-time crypto mogul following plea deals they struck with the U.S. Department of Justice, including his former romantic partner Caroline Ellison and childhood friend Gary Wang, who were both deeply involved in the daily workings of both FTX and its quant-driven trading shop, Alameda Research. Another two individuals, who prosecutors have yet to publicly name, may testify if granted immunity, suggesting they may also be tied to the exchange. The DOJ also announced over the weekend that prosecutors intend to call former FTX customers from around the world and investors as witnesses during the trial.
Sam Bankman-Fried cannot blame FTX’s lawyers for its collapse or operations in his opening statements, though he can still try and make a so-called “advice-of-counsel” defense later, the federal judge overseeing his case ruled Sunday.
The U.S. Department of Justice said it intends to call FTX customers, investors and cooperating witnesses to testify against Sam Bankman-Fried at trial next week, including a Ukrainian local who would have difficulty getting to the courthouse in-person.
FTX was hacked in November 2022, hours after the global crypto empire declared bankruptcy and its founder Sam Bankman-Fried stepped down from running the company.