Sam Bankman-Fried’s Desperate Last Stand

One, SBF has long had confidence in his persuasive capabilities. Following FTX’s collapse last November, SBF back-channeled with numerous reporters to tell his side of story, often downplaying his knowledge of what was happening and – in a preview of his current defense – making out that he was more out-of-his-depth than malevolent and calculating. He even started his own Substack, going against the advice of numerous lawyers who cautioned against self-incrimination. And two: He has nothing to lose at this point. SBF is very likely to be convicted on at least some of the multiple counts of fraud he faces, and he’s very likely to go to prison. His best chance of a reduced sentence, the thinking goes, is to make a case that he never intended to defraud.