A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. So the son of two Stanford Law School professors...
FILE PHOTO: Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves his court hearing at a federal court in New YorkNEW YORK - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks.
In a cryptocurrency sector plagued by hacks and money laundering, Bankman-Fried hired celebrities including NFL quarterback Tom Brady and comedian Larry David to feature in advertisements portraying FTX as safe. He publicly backed efforts to regulate crypto. Ellison and the other two cooperating witnesses, former FTX executives Gary Wang and Nishad Singh, have not yet been sentenced. Prosecutors may urge U.S. District Judge Lewis Kaplan to take their cooperation into account in determining their punishment.
"We thought that we might be able to build the best product on the market," Bankman-Fried said during his six hours of testimony in Manhattan federal court. "It turned out basically the opposite of that."Bankman-Fried had little crypto experience before founding Alameda, which initially made money by exploiting differences in prices in digital tokens between the United States and Asia.
Bankman-Fried was jailed in mid-August, after U.S. District Judge Lewis Kaplan revoked his bail for likely trying to tamper with witnesses at least twice - including by sharing Ellison's private writings with a New York Times reporter.
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