Sam Bankman-Fried’s fraud trial starts today.

Crypto’s Golden Boy

The Story

Sam Bankman-Fried’s fraud trial starts today.

How did we get here?

Last year, SBF’s crypto company FTX unraveled after it came out that the company was financially interwoven with his ex-girlfriend Caroline Ellison's company, Alameda Research. The news sparked a run on FTX, leaving the company with an $8 billion hole. It forced FTX to file for bankruptcy, pushed crypto to a two-year low, and sent shockwaves through the industry. Today, one of the biggest financial fraud cases in US history kicks off. SBF has been charged with wire and securities fraud and money laundering.

What’s the plea?

Not guilty. But if he is convicted, he faces up to 110 years in prison. SBF denies stealing customer money and instead blames “huge management failures.” Oh, and he blamed his ex-girlfriend and said she “avoided talking about risk management.” Prosecutors have said they plan to call some of SBF’s former colleagues to the stand — including Ellison. All while Michael Lewis is planning to publish a book today on the fall of FTX.

theSkimm

After customers lost billions of dollars, SBF is finally having his day in court. This is expected to be one of the most-watched trials in 2023. The trial is expected to last for six weeks.

Who’s following through on his word…

Rep. Matt Gaetz (R-FL). Yesterday, he filed a motion to oust House Speaker Kevin McCarthy (R-CA). Gaetz said he'd introduce a motion to remove the speaker after McCarthy worked with Democrats to avoid a government shutdown. It's left some wondering if this has anything to do with a House ethics investigation into allegations that Gaetz engaged in sexual misconduct. Gaetz said it's got nothing to do with that. Republicans hold a slim majority in the House and it's not clear how many want McCarthy to turn his gavel in. Cue Democrats asking for favors. Gaetz has promised to continue introducing the motion until McCarthy is out. 

When the sticker charts aren‘t doing it...

Nobel Prizes are nice. Yesterday, the pioneers of mRNA vaccines, Katalin Karikó and Drew Weissman, were awarded the Nobel Prize in Physiology or Medicine for their research that made COVID vaccines possible. By tweaking mRNA to get into cells without triggering an immune response in 2005, they laid the foundations for vaccines that helped fight COVID. That same tech is now being used to experiment with vaccines to fight RSV, HIV, and malaria. Speaking of, the WHO just endorsed a second vaccine to fight malaria. Also, the Nobel Prize in physics went to Pierre Agostini, Ferenc Krausz and Anne L’Huillier this morning for “experimental methods that generate attosecond pulses of light” to study matter.

Who’s facing allegations…

Abercrombie & Fitch’s ex-CEO. Yesterday, a BBC investigation revealed several men are accusing former CEO Mike Jeffries and his partner Matthew Smith of exploiting them for sex. Twelve men told the BBC they attended or organized events that included sex acts for Jeffries and Smith from 2009 to 2015. Abercombie & Fitch said it was “appalled and disgusted” by the alleged behavior. The allegations come in the midst of the brand’s rebranding in an attempt to lure millennials and Gen Z. Only time will tell whether or not its business can survive another remnant of Jeffries’ reign. Jeffries and Smith have yet to comment.

Who took staying on the bench literally this time…

Justice Clarence Thomas. Yesterday, the conservative judge recused himself for the first time from a case related to the Jan. 6 insurrection. Thomas didn’t say why he recused himself. But it comes after free trips with conservative billionaires, Ginni Thomas’s texts supporting election fraud claims, and emails that said Thomas might be the most open SCOTUS judge to work with. The case — which SCOTUS rejected — involved an appeal by Trump’s ex-lawyer John Eastman, who was a law clerk to Thomas back in the day.

While all we want for Christmas is Mariah Carey…

Beyoncé has us grabbing the popcorn.

What's thinking of getting rid of ads...

TikTok (for a small fee).

ICYMI: @skimmshopping is live on Instagram. *Cue confetti.* Now it’s easier than ever to get our editors’ top recs right in your feed. We’re talking everything from viral products and services that are actually worth the $$, to promo codes so good, you’ll be tempted to gatekeep them. Have a specific product or gifting Q? @skimmshopping’s got you covered there, too. Shop on.