The phrase "money can't done" means that money makes its own rules. It has become a reference to the once high-flying resident of the Bahamas.
Mr Bankman- Fried is no longer welcome on Wall Street. Politicians, investors and the like all want to say how little they think of Mr. Bankman- Fried.
Mr. Bankman- Fried lived in a gated community on the western shore of New Providence Island, near the nation's capital, Nassau, for a year. He would spend his final week on the island farther inland to the east in a neighborhood filled with high crime and shacks inside the most notorious prison in the Caribbean.
Shemeca Moss is a Nassau school administrator. Ms. Moss was shopping at a beauty supply shop a few blocks from Fox Hill prison, where Mr. Bankman-Fried was held for a week before he was extradited to the United States.
As part of the explanation for her sympathies, she said that he was from the island of Bahamas.
Mr. Bankman- Fried, who was born and spent most of his life in California, has a connection with the people of the Bahamas. Much as he did in the United States, Mr. Bankman-Fried donated millions of dollars to a collection of charities in the Bahamas. In March, FTX covered the cost of a fancy resort ballroom used for a state reception to welcome Prince William and Catherine Middleton, who were visiting the island.
FTX is a question. One of the world's largestcryptocurrencies exchanges is now bankrupt. It gave customers the ability to trade digital currency for other digital currency or traditional money. Risky trading options that are not legal in the U.S. were built into the company's business.
Sam Bankman- Fried is a person. He is the founder and former CEO of FTX. He was a major donor to the Democratic Party and was known for his commitment to giving away his wealth in efficient and logical ways.
FTX's troubles began. The chief executive of the world's largest exchange sold his stake in FTX to Mr. Bankman-Fried in exchange for a number of FTT token. Mr. Zhao said in November that he was going to sell the token. The move caused the price of FTT to fall.
FTX's collapse was caused by something. The price went down after Mr. Zhao announced. The company had an $8 billion shortfall due to traders withdrawing. FTX was forced to file for bankruptcy because of a loan offered by its main rival.
Mr. Bankman- Fried was arrested. The Justice Department and Securities and Exchange Commission are looking into whether FTX used customer funds to prop up Alameda Research, a platform that Mr. Bankman- Fried helped start. Mr. Bankman- Fried was arrested in the Bahamas for lying to investors. Civil fraud charges were filed by the S.E.C. the next day.
Mr. Bankman- Fried was arrested this month on charges of wire fraud, securities fraud, money laundering, and violations of campaign finance laws. He is accused of swindling billions of dollars from his customers. Two of his top former deputy pleaded guilty and are cooperating with federal prosecutors. Ellison told the judge that he knew it was wrong to divert the customer funds.
In interviews across the island, people said that Mr. Bankman-Fried's crimes were not as bad as those of the gangs on the island. If he and the others didn't come back, they were worried about the island's economy.
It is not likely that FTX's victims, who lost as much as $8 billion in the fraud, included many locals. The government of the Bahamas charges a percentage fee for residents to invest in cryptocurrencies.
Patrick Ferguson, a painter and long-time resident, said that Mr. Bankman-Fried's alleged crimes paled in comparison to those he associated with hard. Mr. Ferguson said it didn't make sense.
The decrease in visitors caused by the Covid-19 Pandemic was a blow to Mr. Bankman-Fried's efforts to expand the economy of the island. Hundreds of well-heeled visitors came to the spring conference he organized. At Albany, the oceanfront compound where he and his associates lived, they were known as generous employers, and one delivery driver said he was tipped more than $100 to take a small Burger King order.
Some residents have simple attitudes. PhilipButler is an elder at the Christian Life Church in Nassau.
In congressional testimony this month, John J. Ray III, FTX's new chief executive, said that the Bahamian authorities withdrew $100 million from the exchange in the hours before it collapsed. Mr. Ray accused the authorities of stonewalling his attempts to get answers. In a statement, the securities regulators for the Bahamas denied that was true.
The overall crime rate in the country is low, but those found guilty get long sentences. Fox Hill, where Mr. Bankman- Fried was held, is known as "Fox Hell." It burst with 1,400 prisoners, 40 percent more than it was built to house, and has limited running water, which can come out brown.
Sean Hall, a former prisoner who was released this year, said a typical breakfast was a bowl of grits with a spoon in it. Ground meat with rice is a common lunch dish. Dinner isn't always delivered. Both guards and inmates were involved in violence.
Mr. Bankman- Fried was treated royally. The administrator said that he was held in the medical wing with as many as five other prisoners. For breakfast, he was given toast and jam, and for lunch and dinner, he had vegetables.
According to a person briefed on the discussions, the prison conditions were a factor in Mr. Bankman-Fried's decision to cut a deal with U.S. prosecutors.
Doan Cleare said his former charges was well cared for. Mr. Cleare did not say why Mr. Bankman- Fried was held in the medical bay.
Construction crews are working around Mr. Bankman-Fried's former home. There was scaffolding around the megamansions that were being built, and green walls that kept out onlookers. FTX had a plan to build a new boutique hotel and a corporate headquarters that were similar to those of Apple or Google.
Jenny Pinder, a sales executive who moved to the Bahamas from St. Louis 15 years ago, said the hullabaloo around Mr. Bankman- Fried had sat her curiosity about his industry.
She said that she now has a negative outlook on the virtual currency. "I'm out"
David Yaffe-Bellany from San Francisco was one of the contributors.
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