Sam Bankman-Fried might testify in hopes of avoiding life in jail

Sam Bankman-Fried’s former flatmates (from top) Caroline Ellison, NIshad Singh and Gary Wang have given evidence against him

Enlarge / Sam Bankman-Fried’s former flatmates (from prime) Caroline Ellison, NIshad Singh and Gary Wang have given proof towards him (credit score: FT montage/Bloomberg/AP)

Early final summer season, Adam Yedidia took Sam Bankman-Fried to 1 aspect after a recreation of paddle tennis. Within the shadow of a hut within the grounds of the Bahamian penthouse they and others shared, he requested the crypto tycoon: “Are we OK?”

Yedidia informed a New York court docket this month that he was anxious FTX, the crypto change that Bankman-Fried had co-founded and at the moment led, was in monetary hassle. He recounted his outdated good friend’s reply: “We had been bulletproof final 12 months, however we’re not bulletproof this 12 months.”

FTX collapsed a couple of months later, sending shockwaves via the cryptocurrency business. US prosecutors hope this chat, which they’ve taken to calling the “bulletproof dialog,” will assist to indicate Bankman-Fried knew about, and hid, an $eight billion money shortfall for months a minimum of earlier than it was uncovered.

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