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The Journal.

Introducing: The Trial of Crypto’s Golden Boy

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.8K Ratings

🗓️ 20 September 2023

⏱️ 2 minutes

🧾️ Download transcript

Summary

Sam Bankman-Fried built a crypto empire. Then the exchange he founded collapsed, revealing that billions of dollars of customer money was missing. Bankman-Fried was charged with fraud, and his trial begins Oct. 3. In a new series from The Journal, WSJ’s Caitlin Ostroff explores Bankman-Fried meteoric rise, devastating fall and the trail that will determine his future. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

A lot of us thought we knew Sam Bankman freed.

0:04.0

He was a curly-haired math nerd who built a crypto giant called FTX.

0:09.2

Not only one of the nicest people in crypto, but one of the smartest as well.

0:12.6

The Michael Jordan of crypto, if you will.

0:15.6

He promised to revolutionize finance and use his billions to save the world.

0:19.8

Instead of answering questions like, well, you know, how much money do I need to eat?

0:24.1

You're answering questions like, well, how much money does the world need to eat?

0:28.3

But last year the company Bankman freed founded FTX, collapsed.

0:33.2

And a different story has started to come out.

0:35.2

This morning we unsealed an eight-count indictment charging Samuel Bankman freed FTX's founder

0:41.8

with a series of interrelated fraud schemes that contributed to FTX's collapse.

0:47.0

Bankman freed now stands accused of stealing billions of dollars from his customers and investors.

0:52.8

It found guilty.

0:54.0

He faces decades behind bars.

0:57.2

I'm Caitlin Ostroff, and I cover crypto for the Wall Street Journal.

1:00.6

For the past year, I've been not a rabbit hole, trying to find out everything I can about Bankman freed.

1:06.5

To answer the question, did he set out to defraud his customers?

1:11.3

I've listened to hours of interviews with him.

1:14.0

I mean, look, I screwed up.

1:17.7

And I've spoken to his rivals, friends, and the people who lost huge investments on FTX.

1:23.6

Imagine being with this amazing relationship, and like one day out of the blue,

1:29.0

you found out that this person is not exactly the person you think he or she was.

...

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