A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns. Now he faces decades in prison as his trial begins.
A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a tousle-haired crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns.
For the past month and a half, Bankman-Fried has also had to prepare his case from a jail cell in Brooklyn, after Kaplan revoked his bail, ruling that he had tried to interfere with witnesses. A representative for Bankman-Fried declined to comment. A spokesperson for the US attorney’s office for the Southern District of New York, the division that is prosecuting Bankman-Fried, also declined.Known for his signature outfit of T-shirts and shorts, Bankman-Fried rose to prominence as a rare good guy in the loosely regulated world of crypto. He founded FTX in 2019 and raised $US2 billion in venture funding, promising to work with regulators to write new rules for the industry.
More recently, the defence has also suggested that FTX’s use of customer deposits to make investments was akin to how a bank operates. The problem for Bankman-Fried is that FTX was an exchange, a type of company that isn’t supposed to put customer money at risk.
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