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The Journal.

The Trial of Crypto’s Golden Boy: Where Did The Money Go?

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.25.8K Ratings

🗓️ 19 October 2023

⏱️ 13 minutes

🧾️ Download transcript

Summary

Over the course of Sam Bankman-Fried’s trial, the jury has seen evidence and heard testimony about the money circulating through FTX and Alameda. Rachel Humphreys and Caitlin Ostroff break down the prosecution’s case, and trace where the government says the money was coming from and where it went. Further Reading: - What’s Happening Today at the Sam Bankman-Fried Trial Further Listening: - The Trial of Crypto’s Golden Boy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

I can't believe I'm saying this. We're closing in on the end of week three, Caitlin. So that's kind of the halfway point, as we know it at the moment in this trial.

0:19.0

And already, we've heard testimony from three of Sam Beitman Freed's closest allies, Gary Wong, The Shant Singh, and Caroline Ellison.

0:28.0

But also over the past few weeks, we've heard from a bunch of other witnesses, haven't we?

0:32.0

Yeah, we've heard from FTX customers, we've heard from one of its funders, and we've heard from one of its investors.

0:39.0

And through those witnesses, prosecutors have really been trying to paint a clear picture to the jury of what happened to customer money, and how Beitman Freed allegedly spent it.

0:51.0

These are questions that we've been trying to figure out for the better part of the year.

0:56.0

Yes, and at this trial, the flow of money in and out of FTX is becoming really clear, and the prosecution is now getting really close to resting their case.

1:06.0

So it's kind of now or never for the jury to understand just how FTX and Beitman Freed allegedly stole customer funds.

1:18.0

From the journal, this is the trial of Crypto's Gordon Boy. I'm Caitlin Astraff, and I Rachel Humphries.

1:28.0

Coming up, where did the money go?

1:36.0

Sometimes running a business can feel like cycling uphill, with square wheels.

1:54.0

But zero online accounting software can help predict the future cash flow of your business, so you can stay one step ahead.

2:01.0

Soon it'll feel more like freewheeling downhill, on a tandem, with a messer on the back.

2:08.0

Oh, that's nice.

2:10.0

Search zero with an X, because healthy business is beautiful business.

2:16.0

Today was the day in court that I remembered why I'm a journalist and not a lawyer, because we're really getting into the nitty gritty of very detailed and sometimes some would say quite boring.

2:33.0

Yes, pieces of evidence. But today felt like the prosecution succeeded in clearly explaining to the jury how money flowed in and out of FTX.

2:44.0

And they did this through witness who I've got to say Caitlin, I was not that excited to hear from.

2:51.0

No, I mean, you know, when you hear expert witness, expert testimony, you usually kind of think, oh, this isn't going to be as dramatic as some of the other witnesses.

3:01.0

And this, you know, as an expert witness, this wasn't someone who was close to Bankman Freed.

3:05.0

They didn't work for FTX or Alameda or the business with them.

3:09.0

They were a professor of accounting, which maybe this is someone that you find interesting.

...

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