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Market News Sam Bankman-Fried's Secret Meetings With New York's Preeminent Political and Financial Power Brokers were Exposed

Sam Bankman-Fried's Secret Meetings With New York's Preeminent Political and Financial Power Brokers were Exposed

Prior to his arrest, former cryptocurrency magnate Sam Bankman-Fried convened in New York with prominent political and financial power brokers. It was disclosed that Bankman-Fried intended to meet with Governor Kathy Hochul and frequently visited New York City in 2022, where she dined with Mayor Eric Adams. He also conferred with the finance minister of Saudi Arabia and the head of the country's sovereign wealth fund, both of which favoured him.

TOP1 Markets Analyst

2023-10-18

11349

Sam Bankman-Fried, the erstwhile crypto titan, reportedly met with New York's foremost political and financial power brokers on multiple occasions prior to the collapse of FTX and his subsequent arrest, as reported by CoinDesk. A prosecution witness testified that Bankman-Fried visited New York City frequently in 2022, despite residing in the Bahamas. A sequence of gatherings, presented by Special Agent Richard Busick, most likely illustrated that the alleged offences of Bankman-Fried occurred within the confines of New York City.

A photoshoot with Forbes and meetings with Saudi Arabia's finance minister Khalid A. Al-Falih and the director of its sovereign wealth fund, Yasir Al-Rumayyan, were among the engagements on Bankman-Fried's itinerary. Natalie Tien, his personal assistant, oversaw his engagements, as detailed in the book "Going Infinite" by Michael Lewis.

In March 2022, Bankman-Fried dined at Osteria La Baia, an Italian restaurant near the Museum of Modern Art, with New York City Mayor Eric Adams. The public agenda of the mayor indicated a 'Hold for Mayor' meeting scheduled for March 3, 2022, at 8:30 p.m. ET; however, no information regarding the attendees was provided. Bankman-Fried was slated to meet with New York Governor Kathy Hochul at The Capital Grille steakhouse in September 2022.

The prosecutors' presentation of emails underscored the considerable demand for Bankman-Fried prior to his demise. Forty-two distinct funds, including Morgan Stanley and George Soros, requested invitations to a group supper with the cryptocurrency prodigy.

Mayor Adams's preoccupation with cryptocurrencies is well-known. Although he was paid in U.S. dollars, his initial mayoral salary was denominated in bitcoin and ether. However, the dollars were promptly converted into BTC and ETH. Adams has stated that he intends for New York City to become a crypto centre. The press office of the mayor declined to comment when CoinDesk requested it.