When Sam Bankman-Fried’s FTX crypto exchange collapsed, customers lost billions of dollars. A New York court will decide whether it was fraud.
for everything you need to know about the trial. And follow along here each day as we report on the drama inside and outside the courtroom.
Outside the courtroom, in the venture capital firms, sovereign wealth funds and other institutions that invested hundreds of millions of dollars into the exchange on its meteoric rise, there’s a need to answer an even bigger question: why do professional investors keep falling for frauds? The answer could be mundane. There’s too much money chasing too few good deals; and even highly qualified investors are prone to hubris and FOMO.
SBF had considered whether to “simply pay off the $9 billion Bahamas national debt himself” to make the country a more appealing place for his then-Hong Kong-based employees to move to.It’s a beautiful, clear morning in Foley Square outside the county and federal courthouses. NYPD has set up a broad array of steel barricades to manage traffic, keep pedestrians from walking near the courthouses, and create zones for the media.
A court filing from September 30 offers an indication of the types of witnesses the government has prepared.suggests, from regular people to professional investors. The objective, legal experts say, will be to appeal to the sympathies of the jury, by demonstrating the toll the alleged fraud has taken on those whose money was lost.
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