How Sam Bankman-Fried, a psychiatrist, rose to prominence at FTX, a cryptocurrency exchangeTable of Contents
How Sam Bankman-Fried, a psychiatrist, rose to prominence at FTX, a cryptocurrency exchange
By CoinUnited.io Research Team
2 min read
A psychiatrist, rather than a traditional coach, was brought in to help the frazzled staff of the rapidly expanding cryptocurrency exchange. Workers were invited to consult with Dr. George Lerner after he presented himself in the video meeting, as remembered by those who were there.
In November, it became public that FTX had misappropriated billions of dollars from its customers, which caused the company to go out of business.
As part of its attempts to reclaim FTX assets, the company's new management requested a judge's approval of subpoenas late last month to access a wide range of internal correspondence, including those between Mr. Bankman-Fried and Dr. Lerner.
Dr. Lerner moved to the Bahamas in June to work for FTX. Long, intensive hours were put in by the employees of FTX and Alameda Research, and the lines between work and personal life were sometimes hazy. Executives frequently dated other executives, and many of the young, out-of-town workers shared luxurious corporate housing.
Additionally, there were no clear boundaries between FTX and Alameda. Mr. Bankman-Fried misled investors by claiming that the two were independent, when in fact they were supposed to be distinct safeguards for client money. However, both businesses made use of each other's facilities, personnel, and infrastructure. Mr. Bankman-Fried, former CEO of FTX and 90% owner of Alameda, has denied any cash were taken.
Dr. Lerner, 46, claims FTX recruited him as a coach rather than a psychiatrist. Following his relocation to the Bahamas, he reportedly put in 32 hours per week at the office. He said that, out of the company's 300 workers, he coached around 100, with roughly 20-40 receiving instruction on a regular basis.
About 20 workers of FTX were also patients in his private clinic, according to Dr. Lerner.
Dr. Lerner is qualified to diagnose and treat mental health conditions due to his specialty as a psychiatrist. He would be in a position to guide and counsel his team as a coach.
Dr. Lerner described them as "wonderful people," describing them as "motivated," "intelligent," and "wanting to have a great influence on the world."
In 2004, he graduated with honors from Baylor College of Medicine in Houston and went on to finish his residency at the University of California, San Francisco.
Dr. Lerner says that before coming to FTX, he maintained a psychiatric clinic near Union Square in San Francisco, where he treated leaders from the IT, crypto, and venture capital industries. According to a previous iteration of his website, he specialized in helping people with mental health issues including depression, anxiety, and attention deficit hyperactivity disorder.
According to Dr. Lerner, he wound up working for FTX because he had treated several of the company's early workers in his private practice.
According to a spokeswoman for the former FTX CEO, Mr. Bankman-Fried was one of his patients. He began seeing Dr. Lerner at the beginning of 2019 and is still seeing him today for therapy for ADHD and depression.
Mr. Bankman-Fried wrote that he had been taking the antidepressant Emsam for ten years in his prepared statement for a congressional hearing in December. I've been sad for much of my adult life, he said.
Some workers at FTX expressed reluctance to divulge too much during coaching sessions because of concern that Dr. Lerner may reveal confidential information to Mr. Bankman-Fried.
Employees who sought him out for coaching, for instance, were had to sign a paper specifying that he was their coach and not their psychiatrist.
Dr. Lerner said he would see employees who were already patients in his private clinic whenever they returned to California. Ten were diagnosed with depression or anxiety, and the same number were diagnosed with attention deficit hyperactivity disorder (ADHD).
According to the records kept by the Bahamas Medical Council, Dr. Lerner is not licensed to practice medicine there. As long as the patient is located in California, according to the state medical board, doctors are permitted to treat patients via telehealth "from anywhere in the globe."
Some former workers who had seen Dr. Lerner for coaching said that he had made it obvious that he could assist them in obtaining medication for conditions including ADHD and anxiety. Dr. Lerner stated that he did not provide such services to individuals he coached and only administered medication when absolutely required.
Several counseling sessions with Dr. Lerner were detailed by Danielle Cloud, a former employee of FTX marketing, on Twitter. She explained that during their initial "consultation," he told her that he could treat her with her "underdiagnosed ADHD" because it was his "speciality."
Those who worked with Dr. Lerner before say he was cautious when it came to doling out pills.
Dr. Lerner has stated that arranging dates for FTX staff is one of his primary aims in his position there.
His worries were justified: "I was really afraid that people's pleasure would be affected by lack of dating chances outside of a large metropolis," he stated.
Dr. Lerner stuck around after FTX collapsed in November, when scores of staff left. People familiar with the situation claimed he coached the remaining staff, which included senior workers trying to keep FTX going.
According to those who spoke with Dr. Lerner, she took action when she saw that some of the staff members were suicidal, organizing care for them by suggesting they go for walks or asking coworkers to keep an eye on them. According to the persons, he also assisted certain staff members in leaving the Bahamas to seek psychiatric assistance back in their own countries.
Those affected were "devastated," Dr. Lerner added. His website has been reduced to a few contact details alone.
Latest Crypto Trading Articles & Market Insights
See All Articles
Stay ahead with the newest tutorials, price predictions, and trading strategies across top crypto and CFD markets.
PayPal USD (PYUSD) Price Prediction: Can PYUSD Reach $30 in 2026?
17 JUN 2025
Nuburu, Inc. (BURU) Price Prediction: Can BURU Reach $1.8 in 2026?
11 AUG 2025Biggest Primech Holdings Ltd. (PMEC) Trading Opportunities in 2025: You Shouldn’t Miss.
24 APR 2026The Best Trading Platforms for Primech Holdings Ltd. (PMEC)
24 APR 2026
The Fundamentals of Pineapple Financial Inc. (PAPL): What Every Trader Needs to Know
24 APR 2026Maximizing Profits with 2000x Leverage on Primech Holdings Ltd. (PMEC): A Comprehensive Guide.
24 APR 2026Trending Crypto Articles: Top Coins Making Moves Right Now
See All Articles
Explore expert insights and trading guides on today’s most active and talked-about cryptocurrencies.
PayPal USD (PYUSD) Price Prediction: Can PYUSD Reach $30 in 2026?
17 JUN 2025Nuburu, Inc. (BURU) Price Prediction: Can BURU Reach $1.8 in 2026?
11 AUG 2025Biggest Primech Holdings Ltd. (PMEC) Trading Opportunities in 2025: You Shouldn’t Miss.
24 APR 2026The Best Trading Platforms for Primech Holdings Ltd. (PMEC)
24 APR 2026The Fundamentals of Pineapple Financial Inc. (PAPL): What Every Trader Needs to Know
24 APR 2026Maximizing Profits with 2000x Leverage on Primech Holdings Ltd. (PMEC): A Comprehensive Guide.
24 APR 2026