They could’ve been massively rich running the exchange the legit way, but no… it’s always more, more, more… now, now, now.

I always hoped Wolf of Wall Street would have a sequel

Michael Lewis: “This is bullshit, Sam was gonna pay it all back. All he did was move money from one account into another, that’s not a crime!”

This is the best summary I could come up with:

Singh, who has already pled guilty to fraud, money laundering and violation of campaign finance laws, said Monday that he learned of the massive hole in Alameda’s books as a result of a coding error that “prevented the correct accounting” of user deposits by around $8 billion.

Bankman-Fried had proposed a term sheet to Singh and Wang one night that laid out hundreds of millions of dollars of onuses to Kives and Bryan Baum, co-founder and managing partner of K5.

Bankman-Fried also believed that endorsement deals and even “unpaid partnerships with celebrities” would help increase FTX’s influence to propel its success, said Singh.

Singh recalled one instance where Bankman-Fried got visibly angry with him and said that people like him were “sowing seeds of doubt in the company decisions” and were “the real insidious problem here.”

Singh’s testimony aligned with Yedidia’s that states in June 2022, the executives learned that Alameda owed $8 billion worth of FTX customer money after Ellison shared a Google Doc displaying the “extremely negative” balance.

A feature called “allow negative” let Alameda trade, borrow and withdraw FTX funds in excess of its balance and collateral amounts, according to Singh.

The original article contains 1,087 words, the summary contains 194 words. Saved 82%. I’m a bot and I’m open source!

fun fact: SBF was one of the largest donators to the democrats during his prime. he bragged about how easy it was to get in the “in crowd” through said donations.