Plain English with Derek Thompson Inside the Trial of Sam Bankman-Fried
Oct 13, 2023
Zeke Faux, author of 'Number Go Up,' provides a captivating insider view of the ongoing trial of Sam Bankman-Fried, the fallen crypto mogul. He discusses the shocking evidence against Bankman-Fried and the emotional turmoil faced by courtroom witnesses. Faux highlights the complexities of accountability in the crypto world and contrasts the glamorous facade of FTX with the darker realities of the industry. Tune in for insights on Bankman-Fried's controversial defense and the broader implications for the future of cryptocurrency.
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SBF's Rise and Fall
- Sam Bankman-Fried (SBF) built his fortune through arbitrage trading and FTX, a cryptocurrency exchange.
- However, his empire collapsed due to questionable dealings and a bank run triggered by a rival.
Caroline Ellison's Testimony
- Caroline Ellison, SBF's ex-girlfriend, testified against him, revealing a culture of lying and euphemisms at FTX and Alameda.
- They used disappearing messages and had code names for illicit activities, including a $150 million bribe.
Thai Prostitutes Scheme
- Alameda attempted to transfer funds using stolen identities of Thai prostitutes, a plan that ultimately failed.
- This attempt preceded their bribing of Chinese officials to unlock their funds.
