Sam Bankman-Fried testifies in the fraud trial over cryptocurrency exchange FTX and promptly shreds his own credibility in the process.
Midway through Sam Bankman-Fried’s cross examination, as prosecutor Danielle Sassoon went through a brutal line of questioning like a hot buzzsaw through a butter cow, I found myself reflecting on how smart the average person is. Maybe they don’t know calculus. Maybe they’ll never read Ulysses. Maybe they can’t code. But they definitely know how to identify bullshit when they see it.
We also saw Bankman-Fried giving directions on Japanese government bonds. Hedging is a form of trading, and Bankman-Fried had just testified about giving Ellison directions on hedging. Then, switching to a December 2022 recording of a Twitter space, we heard Bankman-Fried say he was “not at all involved in the trading and hadn’t been for years” at Alameda. “I was intentionally not getting involved in it” because of possible conflicts of interest.
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