The Trial Unfolds
As the courtroom drama continues, Sam Bankman-Fried, the former higher-than-a-pigeon CEO of the collapsed FTX exchange, is providing more entertainment than a Netflix documentary. Prosecutor Danielle Sassoon is on a mission to remind the world of SBF’s duality: pro-regulation in public, but a regulatory rebel in private.
Regulations: Public Relations or Just Insanity?
Ah, the classic politician’s move! SBF candidly admitted during cross-examination that he once proclaimed, “Fuck regulators!” How charming. It’s like shouting “I love ice cream!” while secretly plotting to eat only kale.
Profanities and Admissions
His responses to questions about his previous tweets were equally revealing. When asked if he also characterized some Twitter users as “dumb motherfuckers,” he simply nodded. Clearly, the man has a way with words and a real knack for winning hearts on social media.
FTX’s Market Share Shenanigans
In a plot twist worthy of a soap opera, SBF claimed that his motivations for endorsing regulations were less about protecting customers and more about grabbing market share from Binance. It’s like saying you’re donating to charity while secretly eyeing the tax write-off.
The Day of Reckoning
On November 7, 2022, the pressure peaked. Customers pulled out a staggering $4 billion in withdrawals, a figure that obliterated the daily average. Talk about a liquidity crisis! It was like watching a sinking ship try to bail itself out with a bucket: futile and a little bit terrifying.
Binance’s Bizarre Exit
Then there was the sudden deal to acquire FTX by Binance’s Changpeng Zhao, which crumbled faster than a cheap sandwich after a mild rain. Just one day after signing a letter of intent, Binance retreated after discovering discrepancies that could make even the best of accountants sweat.
The Criminal Trial Continues
With the trial ongoing, the courtroom is packed tighter than an elevator after a buffet. Inner City Press continues to report live, keeping eager audiences updated on what could be one of the most entertaining legal cases in crypto history.
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