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FTX co-founder Sam Bankman-Fried faces seven counts of federal offenses in a fraud trial taking place at a Manhattan courthouse. The former crypto executive is accused of misappropriating billions of dollars of customer funds for real estate, donations, political contributions and investments.\u00a0<\/em><\/p>\n So far in the trial, the jury was finalized, both the prosecution and the defense made their <\/em>opening statements<\/em><\/a>, and the court heard testimony from the first witnesses.<\/em><\/p>\n To kick off what will (presumably) be a busy day of coverage, our opinion editor Molly Jane Zuckerman read the new Michael Lewis book, \u201cGoing Infinite,\u201d so you don\u2019t have to.\u00a0<\/p>\n In her weekly Off Topic column, Zuckerman dove back into the world of SBF<\/a> (she\u2019s our resident expert on the subject, having read multiple books on the ex-FTX<\/a> CEO just this year).<\/p>\n Zuckerman said the downfall of Sam Bankman-Fried<\/a> was also the downfall of the book, since it was meant to be a success story until, well, I think we all know how the story ends.<\/p>\n She was also less than impressed with the way Lewis discussed SBF being allowed to \u201cbe Sam.\u201d The description means that he couldn\u2019t commit to meetings, calls or events until the last minute \u2014 the night before \u2014 and leaving food littered on the floor for other people to clean up when he missed his mouth.<\/p>\n Zuckerman criticized the way Lewis wrote about him, falling back on the portrayal of Bankman-Fried as a quirky nerd. Even SBF\u2019s own defense used it in their opening statement earlier Wednesday, labeling him as a \u201cmath nerd who didn\u2019t drink or party.\u201d<\/p>\n \u201cThe truth was that grown-ups bored him. All they did was slow him down,\u201d Lewis wrote.<\/p>\n Separately, Lewis also wrote about a memo Bankman-Fried sent to the former Alameda CEO and love interest, Caroline Ellison, where he began the memo by saying, \u201cIn a lot of ways I don\u2019t really have a soul.\u201d<\/p>\n \u201cThe fact that Lewis is more critical in the last 20 pages of how the FTX bankruptcy is handled than he is of how FTX is run in the first 200 says all that you need to know about this book,\u201d Zuckerman wrote.<\/p>\n We\u2019ve made it to day three of the Sam Bankman-Fried trial.\u00a0<\/p>\n First up this morning, former SBF friend (and college roommate) Adam Yedidia will take the stand to wrap up his testimony. He\u2019ll face questioning from lawyers as well.\u00a0<\/p>\n After Yedidia\u2019s testimony, Paradigm co-founder and former Sequoia partner Matt Huang is expected to take the stand.<\/p>\n Read more: <\/strong>Day 2 of Sam Bankman-Fried\u2019s trial: 5 things you should know<\/a><\/p>\n A lot happened yesterday so let\u2019s start with an In Case You Missed It (ICYMI): Yedidia was the final witness called to the stand on Wednesday<\/a>. To avoid prosecution, he\u2019s been granted immunity so long as he tells the truth. Not only was he a college roommate of SBF, but he was one of the handful to move with the former FTX CEO at the $30 million apartment in the Bahamas<\/a>.\u00a0<\/p>\n However, Yedidia quit in November 2022 after an FTX employee (Yedidia was also an employee of FTX and Alameda) told him that customer funds from FTX were being used to pay Alameda creditors. He had not spoken to or seen Bankman-Fried since November, he said yesterday.<\/p>\n Read more: <\/strong>Former friend of Sam Bankman-Fried takes the stand: Day 2<\/a><\/p>\n The other witness was someone that SBF may have never heard of, though the Frenchman was quite familiar with SBF. Marc-Antoine Julliard, a French citizen living in London, said he lost thousands of dollars to FTX after he tried to withdraw on Nov. 8, 2022 \u2014 just days before FTX officially collapsed.<\/p>\n This is a developing story.<\/em><\/p>\n Blockworks reporters\u00a0Casey Wagner<\/a>\u00a0and\u00a0James Cirrone<\/a>\u00a0are covering Sam Bankman-Fried\u2019s trial from the courtroom in New York. Follow for instant trial updates on their X accounts.<\/em><\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
\n11:20 am ET: Is the new Sam Bankman-Fried book by Michael Lewis book worth your time?<\/h2>\n
10:40 am ET: Two witnesses take the stand\u00a0<\/h2>\n
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