Flaming terd Sam Bankman-Fried has been convicted on all counts, what a surprise, and will be going to Federal jail for an extended period.
A lesson for the rest of us is to NEVER testify in your own defense. He repeatedly called something “effectively correct” instead of saying yes. He responded, “I’m not sure what you’re referring to,” so many times people were laughing. Mopbucket now faces a maximum sentence of 115 years.
Bankman-Fried said some version of “I can’t recall” over 140 times in his cross-examination.
“that’s a hypothetical.”
Bankman-Fried is trying to avoid serious time and it hasn't gone well. When confronted with questions, he relies on weasel phrases. These include: “I don’t recall,” “I’m not entirely sure,” “that’s not how I thought of it,” “depends on the context,” “it’s possible,” “something to that effect,” “not to my memory,” “it could have been,” “I wouldn’t phrase it that way,” “to some extent,” “no, but I may have,” “I don’t know,” “that wasn’t how I understood it at the time,” “depends on how you define it.”
Crypto boss Sam Bankman-Fried, 31, will speak in his own defence at his fraud trial in New York today.
This comes after prosecutors wrapped up their case against the mopbucket.
He is accused of lying to investors and lenders while stealing money from customers of his now-bankrupt cryptocurrency exchange, FTX.
Bankman-Fried, who faces decades in jail if convicted on the massive open steal, denies any wrongdoing.
Bankman-Fried pleaded not guilty.
Bahamian authorities extradited him to the United States. In an interview on "Good Morning America," FTX founder Sam Bankman-Fried said he was "vaguely aware" that FTX lent stolen customers' funds to its sister firm, Alameda Research.
Permanent bad hair day Bankman-Fried of $10b fraud FTX says he is not a crook. He also says he is almost broke. Bankman-Fried, 30, said his lawyers advised him not to speak publicly, but he ignored them because he knows better.
Crypto firm BlockFi has filed for bankruptcy. The crypto company, which offers a trading exchange and interest-bearing custodial service for cryptocurrencies, was one of many firms to face serious liquidity issues after the implosion of FTX. The New Jersey-based company had already halted withdrawals and admitted that it had “significant exposure” to bankrupt FTX and Alameda Research.
Employees at FTX received loans from Alameda, including $543m to head of engineering Nishad Singh and $55m to head of FTX digital markets Ryan Salame.
The company tasked with locking down assets of FTX said they've secured US$740m. The 'digital assets' are locked in what is known as 'cold storage'. The trouble is upwards of $10b has evaporated. The Turkish government announced it seized the assets in its country belonging to FTX, and Sam Bankman-Fried and others will be charged with crimes including money laundering, market manipulation and fraud.
FTX.TR had over 110k users and processed $600m per month. Alameda Research, the trading arm of Sam Bankman-Fried, loaned him and other companies under his control $3.3b. $2.3b went to also bankrupt Paper Bird Inc., which he owns a majority stake in. Among other things, Bankman-Fried acculmulated $300m in Bahamas real estate.
FTX was a cryptocurrency exchange, FTX.US, its U.S. affiliate. In June 2021, FTX raised $1b at an $18b valuation from investors like Paradigm, SoftBank and Sequoia Capital. Three months later, FTX brought in $421m, pushing its valuation to $25b, this time from Singapore-government owned investment firm Temasek, Tiger Global Management and the Ontario Teachers’ Pension Plan. The valuation was $32b. That number is now zero. FTT tokens Here
Ontario Teachers’ Pension Plan invested a total of $95m between FTX and FTX U.S. in late 2021 and early 2022. US authorities are investigating Bankman-Fried as well as FTX. The bloom is surely off the crypto rose now. Bitcoin slumped as much as 8% to $16.6k, exactly one year from it's $69k top.
