Drew Harwell, Matt Binder and ElonJet, all banned from Twitter, were nonetheless hanging out in a Twitter Space. Perfect website.
Salame, FTX’s former co-CEO, warned Bahamian regulators on Nov. 9 that FTX transferred funds to Alameda Research to “cover financial losses,” according to court filings.
The regulators wrote in the filing:
The Commission understood Mr. Salame as advising that the transfer of clients’ assets in this manner was contrary to the normal corporate governance and operations of FTX Digital. Put simply, that such transfers were not allowed and therefore may constitute misappropriation, theft, fraud or some other crime.
Salame named names, too: only Sam Bankman-Fried, Nishad Singh, and Gary Wang could have done it. FTX filed for bankruptcy on Nov. 11 in the US.
Yesterday, Bankman-Fried was charged with money laundering, wire fraud, securities fraud, commodities fraud, and some assorted conspiracy charges.
[DocumentCloud]
... and it’s not just because of the Bankman-Frieds or Elizabeth Holmes.
Marc Tessier-Lavigne, the president of Stanford, is also under investigation for scientific misconduct. There are also lawsuits around student deaths and a person who posed as an undergrad on campus for a whole year.
[The San Francisco Standard]
Joseph Bankman and Barbara Fried, parents of Sam Bankman-Fried, won’t be teaching at Stanford next quarter.
The two taught at Stanford Law School. This news was first reported by the Stanford Daily, and Fried told those journalists that it has “nothing to do with anything else going on.” Just a normal retirement, sure.
[Intelligencer]
What happens when a story has impact?
Me, in May, writing about failed crypto: “Sam Bankman-Fried, the founder of FTX, listed Luna and Terra on his exchange despite having a pretty good idea of what was going to happen.”
The New York Times, today: “Federal prosecutors are investigating whether FTX’s founder, Sam Bankman-Fried, manipulated the market for two cryptocurrencies this past spring, leading to their collapse and creating a domino effect that eventually caused the implosion of his own cryptocurrency exchange last month, according to two people with knowledge of the matter.”
Man, if SBF cut the brakes of the car he was riding in, I am never going to stop laughing.
[The New York Times]