The second week of the high-profile criminal trial of FTX founder Sam Bankman-Fried was filled with insight into his private life provided by those closest to him, including a friend he met at math camp and his former girlfriend, Caroline Ellison.
His lawyers have described him as an inexperienced businessman operating in the Wild West of cryptocurrency, where the trading was fast and laws were loose. Wang created the software that allowed the diversion of funds to take place. At his plea hearing in December 2022, Wang, FTX's chief coder, pleaded guilty to wire fraud and three conspiracy counts of wire and securities fraud.Caroline Ellison, former Alameda CEO and ex-girlfriend of Bankman-Fried
Ellison testified that she, Bankman-Fried, Wang, Singh, FTX Chief Operating Officer Constance Wang, and two other employees held multiple meetings about how to unfreeze the funds. One of the ways included using an employee's father, a Chinese government official, to see if he could use his influence to get it done. When that didn't work, Alameda hired a lawyer to work with the Chinese government, but that, too, was futile.
Bankman-Fried, who debuted on the Forbes billionaires list in 2021 and was estimated to be worth $26 billion, also ditched his luxury car in favor of a Toyota Corolla and set up a Twitter account in an effort to make himself seem more down-to-earth.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: NBCDFW - 🏆 288. / 63 Read more »
Source: nbcchicago - 🏆 545. / 51 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »