Sam Bankman-Fried, CEO of collapsed crypto trade FTX and numerous related rackets, is in court docket at this time on the outset of his legal trial on seven legal prices together with wire fraud, securities fraud and cash laundering. Bankman-Fried’s political donations, his affiliation with the so-called “efficient altruism” motion and his incapability to cease speaking about all of it in post-arrest interviews made a public spectacle of his downfall.
A superseding indictment alleges that Bankman-Fried misused billions of {dollars} price of buyer cash for private purchases, together with shopping for greater than $200 million of upscale actual property properties within the Bahamas, in addition to to cowl unhealthy bets made at his crypto hedge fund, Alameda Analysis. The federal government says buyer money was shuttled to Alameda by way of two channels: Customers depositing money instantly into accounts held by Alameda and thru a secret backdoor that was baked into FTX’s code.
Prosecutors from the Southern District of New York, who contend that greater than $8 billion of consumers’ cash has gone lacking, additionally allege that Bankman-Fried defrauded FTX traders by protecting up the scheme.
The federal government has individually accused SBF of utilizing buyer funds to make greater than $100 million in marketing campaign contributions for the 2022 midterm elections.
SBF represents the uncommon double nominative determinate: he’s a bankman and he’s now fried.
Navelgazing right here, however he additionally confirmed simply how broke issues are within the punditry: they had been fully taken in by him and all that hyperactive hogwash about elite altrusim, and he was fairly keen on them, too. Some appear to be hoping for acquittal in order that they will have been proper all alongside. He’ll testify in his personal protection, although, so that they should not get too hopeful.