Sheelah Kolhatkar reports on the first week of the proceedings in the trial of the FTX co-founder Sam Bankman-Fried in Manhattan.
A little less than a year ago, Bankman-Fried had been ascendant. Thanks to the successful cryptocurrency businesses he founded, he was estimated to be worth billions of dollars; he mused about one day buying Goldman Sachs. At the same time, as a vocal adherent of effective altruism, the quasi-utilitarian philanthropic movement, he pledged to give most of that money away.
That those decisions led to a disaster didn’t necessarily imply criminal intent. Later that day, the government presented its first witness, Marc-Antoine Julliard. In his opening statement, Rehn had said that Bankman-Fried’s fraud had ensnared both “sophisticated” and “ordinary” victims; Julliard, who works as a commodities trader in London, would seem to belong to the former category.
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