Sam Bankman-Fried co-founded FTX in 2019 and is its CEO. Photo FTX
Sam Bankman-Fried, the notorious, failed crypto-currency entrepreneur who found the defunct FTX, is now sitting in Brooklyn’s Metropolitan Detention Center, a jail notorious for its harsh conditions, while he awaits the start of his October trial. US District Judge Lewis Kaplan revoked his bail after Bankman-Fried released personal writings sent to him by his former girlfriend and co-defendant Caroline Ellison who worked as a senior FTX executive.
This should make a lot of people happy who were annoyed at the conditions of Sam Bankman-Fried’s bail, such as living in his parents’ luxurious mansion. And it is not like he wasn’t warned that something like this would happen after his previous violations. The latest was seen as another attempt at intimidating witnesses.
So, why would a person risk being sent to what the New York Post has described as a jail with “reprehensible” conditions? And Christopher Zoukis, managing director of the Zoukis Consulting Group, told Yahoo Finance “It’s like a county jail — by far the worst time anyone ever serves. You’re pretty much locked in your bathroom. And things like cockroaches and fruit flies, that’s pretty common.”
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Apparently, Sam Bankman-Fried just doesn’t get it. At age 31 he is considered to be a millennial, or something like that. These are the people whose generation is defined as the “me” generation – they all think the world exists for them. O.K. so not all of them, or even most. But enough of these kids who came from middle-class and above income level families have a reputation of expecting to already be high paid executives at the top within a year after finishing college.
So, maybe this had something to do with why Bankman-Fried could have been so clueless and convince himself that his actions were acceptable and not criminal. Or maybe he is just another sociopath who had the social skills to mask his inner self.
Sam Bankman-Fried stands accused of eight counts of fraud and conspiracy. If convicted on all counts, he could be sentenced to as much as 115 years in jail. The charges came after his FTX crypto currency exchange company went bust a few weeks ago. The big question over the fall of FTX is “what happened to all of the money that people left with the company?” FTX was a crypto bank, so to speak, a place where people could park their virtual assets. But unlike with banks, there is no regulation over the handling of cryptos and FTX is said to have moved people’s cryptos around, basically that the company spent their money.
Based in the Bahamas, FTX was a cryptocurrency exchange that said it was built by traders, for traders. FTX offers industry-first derivatives, options, volatility products and leveraged tokens. FTX had more than one million traders using its services when it failed.
