Sam Bankman-Fried's fraud trial has given an unprecedented window into how a group of graduates from elite U.S. universities in their late 20s and early 30s tried, and ultimately failed, to avert one of the biggest and swiftest corporate meltdowns ever.
on how jurors view his actions in the 10 days before the FTX cryptocurrency exchange's collapse nearly one year ago.Bankman-Fried
Prosecutors say Bankman-Fried used customer funds to pay lenders to his Alameda Research hedge fund, and that his false assurances to anxious customers in November 2022 were a critical part of his fraud scheme. FTX could not process the withdrawals fast enough, and Wang testified that Singh needed his help to speed its systems up.pleaded guiltyWang, a 30-year-old MIT graduate, said Bankman-Fried asked him that day to figure out how much additional money FTX needed to satisfy customer withdrawals."That sounds correct," Bankman-Fried responded, with a neutral demeanor, according to Wang.
After posting the tweet, Bankman-Fried turned to raising capital. Can Sun, FTX's former general counsel, testified that around 1 p.m. he was asked to join a call with private equity firm Apollo, which asked to see FTX's financial statements before potentially providing emergency capital.when the spreadsheet he received showed FTX was short $7 billion. He sent it to Apollo anyway.
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