SBF Pleads Not Guilty; Trial Set for October

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 January 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, NLW discusses Sam Bankman-Fried and FTX, including his bail hearing from December, the unusual request to keep his bail bond-backers private, and his not guilty plea from yesterday’s arraignment. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Image credit: Michael M. Santiago/Staff /Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.4	What's going on, guys?
0:21.7	It is Wednesday, January 4th, and today we are discussing why Sam Bangman-Fried is pleading
0:27.0	not guilty to charges of fraud.
0:30.2	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:33.1	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:37.3	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash
0:41.5	breakdown pod. All right, guys, so as I suggested yesterday, today is FTX catch-up day.
0:49.4	As much as we'd all like to move on for it, FTX is going to have lingering effects and
0:54.1	continue to shape
0:54.9	news cycles for some time to come. That is especially true after yesterday when Sam entered
1:01.0	his plea in federal court in New York. But before we get into the details there, let's take a few
1:06.6	steps back. At the end of our normal shows last year, in fact, our last normal show before the
1:11.6	year-end interviews, the big, massive story was that not one but two of the principles around Sam
1:18.3	had flipped and pled guilty and were actively cooperating with Southern District of New York
1:23.3	prosecutors. This all transpired in pretty dramatic fashion. On Wednesday evening, December 21st,
1:29.5	it was announced that Sam was in U.S. custody and being transported back to the U.S. from the Bahamas.
1:35.5	And almost as soon as the extradition papers had been signed and his flight was in the air,
1:40.1	the STNY announced that Gary Wang and Carolyn Ellison had both pled guilty and were cooperating
1:46.3	with investigators. Now, in the case of Caroline, this wasn't so surprising, as it had already
	...

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