What You Need To Know For Sam Bankman-Fried’s Trial

October 3, 2023

A quick summary about FTX CEO for his trial today.

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GM 👋

This is the Smoothie Newsletter.

The crypto market just pumped!

ETH hit almost $1740 before falling back down to a modest $1660 last time I checked.

People are saying that there’s a lot of potential in the coming months.

Remember, none of this is financial advice.

But doesn’t hurt to keep an eye on it 👀

Matt & Vineet

A tale of the FTX CEO.

You know the story of startups; ups, downs, and dramatic turns.

Now, cue in the former FTX CEO Sam Bankman-Fried (aka SBF).

For context, the FTX rollercoaster was dramatic post its collapse.

Sam, charismatic and driven, faced accusations of fraud and conspiracy linked to the defunct FTX.

But here's the intriguing part: he had his bail revoked in August. Why? Bankman-Fried was accused of leaking former colleague Caroline Ellison’s diary entries to a New York Times reporter. Caroline was also his ex-girlfriend (talk about a bad breakup sheesh 👀). Spicy, right?

Judge Lewis Kaplan said there was probable cause to believe that Bankman-Fried attempted to allegedly tamper with witnesses. And now SBF is lodged at the Brooklyn Met Detention Center.

His appeal for release? Rejected.

Sam's December arrest was nothing short of a cliffhanger. Since then, he has had multiple charges of fraud, money laundering and campaign finance offences. In August, an indictment alleged that Sam used a whopping $100 million in stolen customer funds to donate to various political candidates.

The trial is set for today.

What’s going to happen? Stay tuned.

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