Key Points
Crypto entrepreneur Bankman-Fried was sentenced to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency..
It showed that Alameda, FTXs sister hedge fund also founded by Mr Bankman-Fried, held few assets apart from a handful of illiquid tokens he had invented..
Ms Ellison, whom Mr Bankman-Fried made co-chief executive of Alameda in 2021, when he stepped back to focus on his exchange, described the many times Alameda withdrew serious money from FTX..
Ms Ellison said she told Mr Bankman-Fried we dont really have the money" and that Alameda would need to borrow from FTX to make the purchase..
As customers rushed to take their money in the week that FTX collapsed, employees resigned en masse. Adam Yedidia, one of Mr Bankman-Frieds friends and employees, who has not been charged with any crimes and appears to have been in the dark, texted him: I love you Sam, I am not going anywhere.".
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