As the days go by and the FTX Markets/Alameda Research saga unfolds in all its outrageous glory, more is known about the crimes that led to this situation and the people who perpetrated them.

A video seen by over 2.5 million people (shown below) made the rounds on Twitter, showing Alameda Research CEO Caroline Ellison discussing the inappropriateness of stop losses and the simplicity of her role. The Wall Street Journal says Sam Bankman-Fried wasn’t the laid back guy everyone assumed he was: He swore a lot and could be a curiously aggressive negotiator. Ellison was all for long hours of work and have one good person do a job instead of two less good ones. The source of the best revelations, however, would have to be George Lerner himself, a psychiatrist who worked internally at FTX, offering coaching services to 20-40 employees, as well as private psychiatric services.

Gawker unearthed a nugget of a now-deleted article on the Sequoia Capital site in which Lerner discusses Bankman-Fried’s actual altruism and apparent inability to “enjoy worldly pleasures.” It’s not pathological, says Lerner: effective altruists like SBF sincerely “want to make a difference,” even if that tempers the pleasure they experience themselves.

In fact, it’s becoming apparent that SBF may have had more pleasures than everyone thought. Not only was he allegedly in a casual relationship with Ellison and possibly other women at FTX, but they all lived in the Bahamian penthouse below, which doesn’t seem like the kind of place you’d live if you were strictly into a non-Dionysian ideal.

Via Ellison’s now-deleted Tumblr, it’s also becoming apparent that she was partial to powerful men and not against polyamory. A post about her Chirping account also suggests a possible interest in amphetamines.

Separate Twitter posts claim that stimulant use was common at FTX and that an in-house psychiatrist prescribed them. We understand, however, that stimulants have mostly been prescribed for ADHD and that FTX has had about 10 people in the US diagnosed with the condition and under medication, which really doesn’t sound like many in proportion to its 300+ employees…

Separately, if you’ve been working 80 hour weeks to make $200,000 a year, you’re doing it wrong. The Wall Street Journal reports that there are people out there making good money simply by filming themselves asleep and streaming it over the Internet. One of them is 28 years old Jakey Boehm, who earns $35ka a month broadcasting his sleep to more than a million people.


Sam Bankman-Fried’s father, Joseph Bankman, a professor of law and economics at Stanford University, helped launch his son’s career by connecting him with a private equity investor Well done Orlando. (Financial Times)

FTX’s new CEO worked on Enron’s bankruptcy. And Alameda hasn’t traded a lot of cryptocurrencies – mehas invested $8 billion in 448 venture capital startups, most of which have “1-10” employees and no documentation. (

Hedge fund Galois Capital had nearly half of its assets in FTX. (Financial Times)

A spreadsheet listing assets and liabilities of FTX international references $5 billion in withdrawals on Sunday, December 6 and an $8 billion negative entry described as “hidden and poorly labeled internally ‘[email protected]’ account.” (Financial Times)

Elon Musk had doubts about SBF. (chirping)

FTX’s organization chart is pretty wild. (Twitter)

Sam Bankman-Fried, FTX co-founder Gary Wang and director of engineering Nishad Singh are reportedly under supervision in the Bahamas. Caroline Ellison is said to be in Hong Kong. (Coin Telegraph)

There were initial indications that $473 million worth of cryptocurrencies had been stolen from FTX late Friday evening. (Financial Times)

Journalist Michael Lewis has spent the last six months in contact with SBF and is now writing a book. (Anklet)

Quant hedge fund Quadrature Capital pays its staff on average £3.6m each. Most of the staff are in their 20s and 30s. (Times)

Goldman Sachs banker Roger Ng is suing his former boss Tim Leissner for allegedly defrauding his investments so that Leissner could pay his defense costs in the $4.5 billion, 1MDB embezzlement case. (Reuters)

Morgan Stanley is advertising an executive assistant role that pays $75,000 to $120,000. Hedge fund Two Sigma has a similar opening bid of between $100,000 and $150,000. (WSJ)

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