This is the best summary I could come up with:
A New York jury delivered the verdict on November 2nd, concluding a trial that has seen Bankman-Fried defend himself against claims that he criminally mismanaged his crypto exchange FTX and trading firm Alameda Research.
But prosecutors charged that the operation was a fraud “from the start.” While he promoted the exchange to investors and the public as safe and secure, Bankman-Fried’s former colleagues testified that it falsified numbers and granted secret, special privileges to Alameda — including a $65 billion line of credit and a flag that let Alameda’s balance dip into the negative as it illicitly borrowed FTX customer funds.
The FTX empire collapsed after a November 2022 Coindesk article — published precisely one year before the jury’s decision — revealed the secret blurring of funds and Binance CEO Changpeng “CZ” Zhao announced he would pull out of the exchange.
Originally placed under house arrest, he was sent to jail in August for violations of his bail conditions, including using a VPN to watch a football game and leaking the diary entries of his ex-girlfriend — former Alameda Research CEO Caroline Ellison, who pleaded guilty to federal charges and testified against him in trial — to The New York Times.
He denied directly supervising the damning code updates that allowed Alameda to spend FTX funds and said he had not participated in trading or questioned employees about billions of missing dollars.
His testimony was contradicted by Ellison, his former roommates Adam Yedidia and Gary Wang (the cofounder of FTX), and family friend Nishad Singh; all had worked under Bankman-Fried and later cooperated with prosecutors.
The original article contains 451 words, the summary contains 261 words. Saved 42%. I’m a bot and I’m open source!
So, so guilty.
This was basically a forgone conclusion, but it ought to teach a lesson, “not your keys, not your coins”. an exchange is like a public toilet you get in, do your business, and get the fuck out you don’t stay in a public toilet.
Yup. I had an FTX account but I did not keep any crypto or cash there, thankfully.
I have an account with Coinbase, but I put dollars in and I pull crypto out as soon as it’s available and wouldn’t you believe it? I’ve never lost any money doing it that way.
I don’t mess with crypto but why would people leave it in FTX/Coinbase? is it cheaper for trades and stuff?
No shit
Don’t steal from the rich
Steal? No, it’s a clever business model where I convince you to buy dogshit because dogshit will be worth x10 next month and I’m definitely not dumping all my dogshit once you poors drive the price up.
No, it’s the even more clever business model where I convince half my employees that if they just work a few extra minutes a day off the clock or work through their legally mandated lunch breaks, but still allow me to automatically deduct their pay for the break, then someday I’ll notice all their hard work and reward them for it… someday.
Friendly reminder that wage theft outweighs all other robberies combined:
https://www.workingnowandthen.com/blog/wage-theft-the-50-billion-crime-against-workers/
