Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 1]

Bankman-Fried went on to discovered FTX with Wang in 2019. Zhao was an early investor in the exchange.This is a developing story, and more details will be added as it becomes readily available.

Cointelegraph press reporters are on the ground in New York for the trial of former FTX CEO Sam “SBF” Bankman-Fried. Bankman-Fried is charged with 7 counts of conspiracy and fraud in connection with the collapse of FTX, the cryptocurrency exchange he co-founded. He declared his objective to combat extradition from the Caribbean nation however changed his mind after a week in Bahaman prison and consented to extradition.Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO (and apparently at some point SBF sweetheart) Ellison concurred to plead guilty in the blossoming case.November: FTX collapsesBankman-Frieds troubles began when reports emerged on Nov. 2 that Alameda Research had a big holding of FTX Token (FTT), FTXs utility token. Bankman-Fried resigned as FTX CEO and was changed by John J. Ray III. Bankman-Fried went on to discovered FTX with Wang in 2019.

Cointelegraph press reporters are on the ground in New York for the trial of former FTX CEO Sam “SBF” Bankman-Fried. Bankman-Fried is charged with 7 counts of conspiracy and scams in connection with the collapse of FTX, the cryptocurrency exchange he co-founded. He declared his intent to battle extradition from the Caribbean nation however changed his mind after a week in Bahaman jail and consented to extradition.Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO (and reportedly sometime SBF girlfriend) Ellison concurred to plead guilty in the burgeoning case.November: FTX collapsesBankman-Frieds difficulties began when reports emerged on Nov. 2 that Alameda Research had a large holding of FTX Token (FTT), FTXs energy token.

On Nov. 8, Bankman-Fried announced on Twitter that he had come to an arrangement with Zhao “on a tactical transaction.” He composed, “Our groups are dealing with clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all possessions will be covered 1:1.”On Nov. 9, Zhao announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin (BTC) plummeted to $15,600. The FTX and Alameda Research sites went dark for a few hours. When the FTX website came back, it bore a warning versus making deposits and was unable to procedure withdrawals.On Nov. 10, Bankman-Fried published a 22-part Twitter thread that started with “Im sorry.” It was the very first of a long string of public statements he made about the exchanges fall. The following day, the whole staff of Alameda Research gave up, and FTX, FTX.US and Alameda Research declared personal bankruptcy in the United States. Bankman-Fried resigned as FTX CEO and was replaced by John J. Ray III. Ray was best known for his function in the Enron bankruptcy.SBF and FTX before the fallAt the start of 2022, FTX had a $32-billion evaluation and was believed to be in enviable monetary condition. Bankman-Fried was seen as a highly regarded magnate by much of the crypto neighborhood and the world at large. He was photographed with political leaders and spoke at Congressional hearings.Maxine Waters is chairing the examination into FTX https://t.co/oFMctH4rRh pic.twitter.com/Ox6O5w4nOl— Jordan Schachtel @ dossier.today (@JordanSchachtel) November 17, 2022.