Call him something else. He should be called a concerned whistle blower. We're fascinated by the figure that has emerged from Sam Bankman- Fried's fall.
Two days before FTX filed for Chapter 11 bankruptcy, the company's former co-CEO Ryan Salame told the regulators that Bankman-Fried may have mishandled clients' assets.
It is the first time that we know of that an employee has turned against a disgraced CEO.
It's a tale of betrayal, or a last-ditch effort to avoid looming legal peril, that speaks volumes about what was going on behind closed doors.
Bankman-Fried has apologized for mismanagement of billions of dollars in client funds during several high-profile interviews.
The disgraced CEO is facing serious charges by the Justice Department and the Securities and Exchange Commission after he was arrested by the authorities in the Bahamas.
Three individuals, including Bankman-Fried and two other FTX executives, were technically able to transfer funds to Alameda, a hedge fund also started by Bankman- Fried, but run by a rumored romantic partner.
The exchange and mixing of funds is at the center of the controversy. Regulators believe that Alameda had access to the FTX customer funds.
Bankman- Fried will stay in jail until February after being denied bail.
It will be interesting to see if other FTX insiders will turn on their former CEO in the coming days and weeks, considering the chaos and clear legal stakes for everyone involved.
The FTX Insider flagged potential fraud to regulators days before the bankruptcy.
FTX: SBF's dad stuck his fingers in his ears during a court hearing.
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