NEW YORK: Sam Bankman-Fried's fraud trial has given an unprecedented window into how a group of graduates from elite US universities in their late 20s and early 30s tried, and ultimately failed, to avert one of the biggest and swiftest corporate meltdowns ever.
Now, the 31-year-old former billionaire's fate could hinge on how jurors view his actions in the 10 days before the FTX cryptocurrency exchange's collapse nearly one year ago.
The jury deliberations, set to begin on Thursday, will take place behind closed doors. But the 10-day window before FTX's Nov 11, 2022, bankruptcy declaration could be a significant part of their discussions. With withdrawals piling up, former FTX chief technology officer Gary Wang testified that Singh - a 2017 graduate of the University of California at Berkley - knocked on the door to his bedroom in the US$35 million penthouse apartment they shared with seven other FTX and Alameda employees in the Bahamas, where the exchange was based.
Wang, a 30-year-old MIT graduate, said Bankman-Fried asked him that day to figure out how much additional money FTX needed to satisfy customer withdrawals."That sounds correct," Bankman-Fried responded, with a neutral demeanor, according to Wang. "What we need is a few billion of USD," Bankman-Fried wrote in a document shared with the group."We will take whatever we can get."Later that morning, Bankman-Fried posted on Twitter,"FTX is fine. Assets are fine ... FTX has enough to cover all client holdings. We don't invest client assets .
There would be no bailout from Apollo. Late on Nov 7, Bankman-Fried reached out to Zhao - whose tweet less than two days earlier accelerated the run on FTX - and struck an initial deal for Binance to acquire FTX.
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ComChest looking to return $360,000 donation from now bankrupt crypto exchange FTXThe donation had been made in support of the President’s Challenge and ComChest in 2022. Read more at straitstimes.com.
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