this post was submitted on 27 Oct 2023
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This is the best summary I could come up with:
Of course everyone who had money trapped on the FTX exchange when it collapsed — as the result of Bankman-Fried’s trading firm Alameda Research purloining its customers’ funds — had their lives altered.
All the co-conspirators seem oddly younger than their years, as though they got stuck in the “math camp forever” environment Bankman-Fried created for them and simply failed to grow up.
The prosecution has made a strong case that Bankman-Fried presided over the various forms of fraud that played out at Alameda Research and FTX, orchestrating some of it and engaging in some of it directly.
During Yedidia’s testimony, we were shown a photograph in court: former President Bill Clinton and former Prime Minister Tony Blair onstage in suits next to Bankman-Fried, in a rumpled T-shirt and cargo shorts.
Wang testified that he heard Bankman-Fried tell another trader that it was okay to continue withdrawing money from the account as long as the amount was less than FTX’s total trading revenue.
Ellison testified to something similar, choking back tears: “When I started working at Alameda, I don’t think I would have believed you if you told me I would be sending false balance sheets to our lenders or taking customer money, but over time, it was something I became more comfortable with.”
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