Sam Bankman-Fried changed rules for FTX employees in 2021 regarding their Serum crypto token holdings, not allowing them to cash out on paper profits.
Per Michael Lewis’ book, SBF extended SRM’s lockup period by 7 years, trapping staff wealth.
Serum skyrocketed, making workers ‘ridiculously rich’ briefly.
But their tokens were illiquid at FTX.
SBF’s alleged fraud and misuse of client funds led FTX into bankruptcy.
His first criminal trial began amid charges of conspiracy.