🏠 SBF vs. The People
Oh how the mighty have fallen
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SBF’s Trial Begins
Happy Holidays everyone. And by holidays, I mean Happy Send Sam Bankman-Fried to Jail season.
The League of Legends legend and former crypto kingpin’s trial for the fraud-fueled demolition of $8B has started, and it’s not looking good for ol Sammy.
Specifically, he faces 7 charges:
wire fraud on FTX customers
conspiracy to commit wire fraud on FTX customers
wire fraud on Alameda Research lenders
conspiracy to commit wire fraud on Alameda Research lenders
conspiracy to commit securities fraud on FTX investors
conspiracy to commit commodities fraud on FTX customers
conspiracy to commit money laundering
If he’s found guilty, he is looking at somewhere between 10 and 150 years in prison. But this trial brings intrigue beyond the possibility that SBF spends the rest of his life behind bars as the witnesses couldn’t be more dramatic:
Caroline Ellison, former CEO of Alameda Research and SBF’s ex-boo.
Gary Wang, former CTO of FTX.
Nishad Singh, former FTX engineering director.
Ryan Salame, former CEO of FTX’s Bahamas division.
The prosecution claims SBF is to blame for FTX’s collapse due to intentional fraud, while SBF is claiming FTX died due to market forces outside of his control.
It’s anybody’s guess as to who comes out on top, but if nothing else, we’ll finally find out the truth behind FTX’s demise.
The Big Picture: The crypto community is about to get some closure.
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Think twice before you mess with the chickens.
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