This is the best summary I could come up with:

Bankman-Fried, at this time last year, had a luxury lifestyle as the CEO of crypto exchange FTX, said the assistant US attorney, Thane Rehn, in the cadence of a high schooler delivering his lines in a student play.

In May and June of 2022, Alameda Research — the crypto trading company ostensibly helmed by Caroline Ellison — didn’t have enough to pay its bills, so it pulled customer money to repay loans.

And while Cohen tried to make the common white-collar defense argument that Bankman-Fried, as CEO, was simply too busy to oversee what everyone did every day, he just made me more suspicious.

I could barely even hear Cohen blaming Caroline Ellison and Changpeng “CZ” Zhao for the debacle over the “no risk officer” ringing in my ears.

He opened an account, transferred in both regular money and cryptocurrency, and used the exchange to execute his plan: buying Bitcoin to sell back in five to ten years at higher prices.

We don’t invest client assets” and a few others, which gave Julliard the impression that his money was there — the problem might have been technical (anti-spam measures) or regulatory.

The original article contains 1,303 words, the summary contains 189 words. Saved 85%. I’m a bot and I’m open source!