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Bankman-Fried (31) is suspected of diverting customer funds to his investment fund
Prosecutors also suspect him of illegal political donations and real estate purchases with customers' money.
Bankman-Fried blamed FTX's lawyers. His outside general counsel had led him to automatically delete things in Signal, the messaging app FTX used internally for communications. Bankman-Fried also said his lawyers were behind FTX's terms of service and banking agreement with
His answers were long and meandering - phrased in terms such as "probably," "I think" and "to my best judgment. At times, Bankman-Fried claimed that his recollection of events leading up to the collapse of FTX was foggy.
Things are not looking good for him. Several former employees have made incriminating statements in recent weeks.
SBF was the founder of FTX, by far the world's largest cryptocurrency trading platform. Millions of customers bought crypto coins on the platform. Investors like Black Rock and
Meanwhile, the founder liked to surround himself with celebrities such as former supermodel Gisele Bundchen, racing driver
That crypto exchange ran into trouble in
Supervisor John J. Ray III, who was appointed to oversee FTX as CEO, said he had never seen such a mess. Payment requests were approved with emojis and FTX funds were used to buy homes and other personal property for employees and advisers. 'Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information.'
Former business partner and friend
Prosecutors in the criminal case denounced his luxury lifestyle by sharing photos of the penthouse in the
If found guilty of fraud, Bankman-Fried could face up to 115 years in prison.
Going Infinite: The Rise and Fall of a New Tycoon
During the criminal trial, a biography of
From it emerges the picture of a Sunday child. He doesn't fit in at school, but studies at
Within a year, Bankman-Fried has outgrown conventional trading and leaves Jane Street to co-found his own hedge fund,
He decides to become an altruistic banker and give away all his wealth. Getting rich to save the world.
Bankman-Fried believes the only sane philosophy of life is utilitarianism, which, he tells the author, scares most people because it encourages altruism.
Salient detail: He considered offering
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