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There’s a trial of Sam Bankman- Fried

An attorney for the FTX-Alameda Research co-founder and co-CEO James A. Bankman-Fried

A report published by news outlet CoinDesk cast doubt over the health of FTX’s sibling company, Alameda Research, with which it had a close relationship. When customers rushed to pull money out of the exchange, FTX couldn’t meet withdrawals. After a rescue deal from rival exchange Binance fell through, FTX filed for bankruptcy on November 11. A month later, Bankman-Fried was arrested in the Bahamas, where FTX was headquartered, and extradited to the US.

Bankman-Fried’s parents taught at the university where he was raised. They taught mathematics, but were also law professors. After graduating from the Massachusetts Institute of Technology (MIT) with a physics degree, he took a job as a quant trader—someone who programs software to trade for them—at Jane Street Capital, one of the biggest firms on Wall Street. He was drawn to it because it advocates for earning as much money as possible in order to give away. The idea was a big hit.

The co-founding partner of FTX and Alameda Research. Wang met Bankman-Fried in high school, and the pair were later roommates at MIT. He has pleaded guilty to several charges.

The CEO of Alameda Research and on-and-off romantic partner of Bankman-Fried. The pair met at Jane Street, a quantitative trading firm. She has pleaded guilty to seven criminal charges, including wire fraud, securities and commodities fraud, and money laundering.

The co-CEO of Alameda Research alongside Ellison, Trabucco left the post three months before the collapse of FTX. The DOJ has not accused him of wrongdoing and it is unclear whether he is cooperating with prosecutors. His whereabouts are unknown.

The attorney now tasked with steering FTX and its subsidiaries through bankruptcy. Ray established a reputation as a restructuring savant after overseeing the liquidation of Enron, a company that engaged in extensive accounting and corporate fraud. The prosecution may cite materials Ray compiled as part of the FTX bankruptcy investigation to support its case against Bankman-Fried.

In January, Bankman-Fried pleaded not guilty to each of the seven charges. He was put under house arrest but was arrested in August after being accused of tampering with witnesses. If convicted at the end of the trial, which is expected to last around a month, the one-time crypto wunderkind could face decades in prison.