There are explanations of the trial of Sam Bankman- Fried
The prosecution of Bankman-Fried’s alleged fraud at the crypto-tech giant FTX and Alameda Research in the lead up to the collapse
Bankman-Fried is accused of orchestrating the alleged fraud at FTX. But the exchange and Alameda Research were run by a small inner circle of lieutenants, some of whom have pleaded guilty to related offenses and are expected to testify at his trial. The exchange’s rise and fall also drew in other major players in the crypto world.
He was raised in a household where both his parents taught. They were law professors, but mathematics was his forte. After completing his physics degree at the Massachusetts Institute of Technology, he went to work for Jane Street Capital, a financial firm on Wall Street that trades quant traders who program software to trade for them. He was drawn by the idea that it’s a great idea to earn as much money as possible in order to give away. The idea was big.
The CEO of Binance, the world’s largest crypto exchange, whose relationship with Bankman-Fried had become increasingly fraught in the lead-up to the fall of FTX. Bankman-Fried blamed tweets Zhao made for having precipitated the run on deposits that caused FTX to crumble. The prosecution may refer to them as they frame the events for the jury. The DOJ is alleged to be investigating, as well as US regulators who charged Binance with a number of violations.
Bankman- Fried was a romantic partner of the CEO of Alameda Research. The pair met at Jane Street, a quantitative trading firm where they both worked after college. She has pleaded guilty to seven criminal charges, including wire fraud, securities and commodities fraud, and money laundering.
The co- CEO of Alameda Research with Ellison left their post three months before FTX collapsed. The DOJ has not accused Trabucco of any wrongdoing, and it is unclear whether he’s cooperating with prosecutors. His location is unknown.
The lawyer is tasked with steering the FTX and its subsidiaries through Chapter 11. Ray is a Restructuring savant, and he established a reputation after handling the liquidation of company that engaged in extensive accounting and corporate fraud. The prosecution may cite materials Ray compiled as part of the FTX bankruptcy investigation to support its case against Bankman-Fried.
Bankman- Fried entered a plea of not guilty to all seven charges. He was placed under house arrest after the prosecution alleged that he was tampering with witnesses. The one-timecrypto wunderkind could face decades in prison if he is convicted at the end of the trial.
