Sam Bankman-Fried: The unravelling of a crypto whizz kid
The Story
The Times
3.9 • 1.6K Ratings
🗓️ 12 January 2023
⏱️ 37 minutes
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Summary
Last week, the disgraced boss of crypto firm FTX pleaded not guilty to fraud-related charges. Just months before, billionaire Sam Bankman-Fried had been rubbing shoulders with supermodels and world leaders, and was known for his multi-million dollar charitable and political donations. So how did he end up on the wrong side of the law?
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Transcript
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| 0:00.0 | In Lower Manhattan, keeping a watchful eye over the gleaming towers of Wall Street and |
| 0:08.7 | America's financial heart is the district court of the Southern District of New York. |
| 0:14.3 | It's been the backdrop for some of the biggest financial and fraud trials in history. |
| 0:21.9 | Last week, a dark car pulled up outside the court. |
| 0:25.8 | A 30 year old man with a mop of unruly dark curls, looking a little uneasy in a suit and tie, |
| 0:32.1 | got out, blinking at the scram of flashing cameras around him. |
| 0:37.2 | For the federal court, another groundbreaking case was just getting started. |
| 0:43.2 | Disgraced crypto king Sam Bankman freedly did not guilty in a Manhattan federal court Tuesday. |
| 0:50.8 | This is a story about more than crypto. |
| 0:55.8 | It's a cautionary tale that exposes flaws in the worlds of celebrity, Wall Street, and even Washington, DC. |
| 1:04.8 | The lawyer behind the proposed class action suit alleges that it could only been this successful with the help of celebrities and influencers. |
| 1:10.8 | I wasn't viewing it as a partisan ex-exerciser, it was not donating to one party to beat the other one in the general election. |
| 1:19.8 | In just a matter of months, Sam Bankman freed went from being celebrated as a financial genius and the acceptable face of crypto. |
| 1:27.8 | Alright, let's talk a bit about Sam Bankman freed, because you want to, you know you do. |
| 1:34.8 | Well, Sam Bankman freed selling the headlines. |
| 1:36.8 | They call them the JP Morgan of crypto. |
| 1:39.8 | The Michael Jordan of crypto, if you will. |
| 1:42.8 | To a spectacular downfall. |
| 1:45.8 | I didn't, knowing we commit fraud, I don't think I committed fraud. |
| 1:48.8 | I didn't want any of this to happen. |
| 1:51.8 | I was certainly not nearly as competent as I thought I was. |
| 2:00.8 | And what does it mean for the future of cryptocurrencies? |
... |
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