For federal prosecutors, Sam Bankman-Fried could be the gift that keeps on giving. After the November collapse of FTX, the cryptocurrency exchange he founded in 2019, Bankman-Fried has been unexpectedly talkative.
Before its collapse, FTX was the world’s second-largest crypto exchange and Bankman-Fried, 30, was its CEO and a billionaire several times over, at least on paper. Celebrities and politicians alike vouched for FTX and its founder, and Bankman-Fried was considered a leading figure in the crypto world.
Those assertions are likely to be refuted by one of the government’s key witnesses. Caroline Ellison, the former CEO of Alameda, has agreed to plead guilty for her role in FTX’s collapse and to testify against Bankman-Fried. For instance, Bankman-Fried says that when FTX collapsed, outside parties had made funding offers totaling billions of dollars, and if given a few weeks the company could have raised enough money “to make customers substantially whole.” Instead, it was “strong-armed” into filing for bankruptcy protection by its main law firm, Sullivan & Cromwell, a claim the firm denies.
“The real risk Bankman-Fried runs in making public comments ‘explaining’ what happened is they could be seen as continuing efforts to mislead investors by regulators and prosecutors,” said Jeff Linehan, a former prosecutor in the financial crimes division of the New York State Attorney General’s Office. Linehan is now a criminal defense attorney.
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