Before they collapsed, FTX and Alameda Research “massed a roster of portfolio companies that included major names in the industry, such as stablecoin providers Circle and Paxos, blockchain developer Aptos Labs and crypto bank Anchorage Digital,” Bloomberg writes.
But venture funding for the crypto world has plunged; selling those stakes could further depress startup valuations.
“If I were a juror, I would rather hear my story than either defense or prosecution,” Lewis tells Andrew Chow at Time. Also:
I want to ask about some details that appeared in various charging documents and complaints against Sam but are featured less prominently or not at all in your book. One is that Bankman-Fried allegedly bribed Chinese officials to release money from a frozen Alameda account.
I know too much about that, and it seemed like a distraction.
Gary Wang supervised the code that gave Alameda special privileges at FTX. But it’s hard to conclude anyone but Sam Bankman-Fried gave the orders.
Two of Bankman-Fried’s MIT roommates make a damning case for the prosecution.
I expect to hear a lot more about that expensive Bahamas penthouse during today’s hearings in the case of the former FTX CEO, and possibly some fireworks on the cross, as Adam Yedidia is immunized from prosecution.
The prosecution came out swinging. Oddly, Bankman-Fried’s defense didn’t.
We don’t have a jury yet for the trial of the former crypto CEO, but we will soon. After that, it’s opening arguments and, if I’m lucky, our first witness.
The first day of the trial is over, but we haven’t selected a jury yet.
Bankman-Fried, who appeared with a shorter haircut and sporting a suit, wasn’t offered a plea deal because when the government raised the question of plea discussions, the defense said no, said Nicholas Roos, one of the federal prosecutors. Two prospective jurors lost money in crypto, one along with his twin brother; another potential juror’s fiancé lost in crypto as well.
There were a couple Madoff mentions, as well. We should have a jury and opening statements tomorrow.