Sam Bankman-Fried

Sam Bankman-Fried, once a pivotal figure in the cryptocurrency industry, was convicted in November 2023 of committing fraud and conspiracy for stealing billions of dollars of money belonging to customers of his FTX crypto exchange, funneling the money to Alameda Research, his hedge fund. FTX had been one of the largest cryptocurrency exchanges before its demise, a major player in derivatives trading including perpetual futures. The company's undoing was spurred by a CoinDesk scoop in November 2022 showing Alameda's balance sheet was mysteriously full of the FTT token issued by FTX – calling into question both Alameda and FTX's financial stability. The Bahamas-based company filed for bankruptcy nine days after the story. Before his downfall, SBF (as the former billionaire is commonly known as) had been a leading figure in crypto, pushing for regulation of the industry in the U.S. He was a major political donor and the public face of effective altruism, a movement geared toward maximizing the amount of good done by philanthropy. SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering. His trial began in October 2023, and he was convicted on Nov. 2, 2023, a year to the day after the CoinDesk story that caused his crypto empire to crumble.

Videos

Tax Implications Following Sam Bankman-Fried's Conviction

As part of CoinDesk's Tax Week 2023, TaxBit Head of Government Solutions Miles Fuller discusses how the end of FTX founder Sam Bankman-Fried's trial could provide some clarity for FTX customers as to how the company’s bankruptcy might affect their taxes. However, how the IRS might act in the context of illegal activity remains unclear.

Nov 13, 2023, 10:45 a.m. EST

Opinion

We've Seen the FTX Collapse Before

There are overwhelming similarities between the FTX and MF Global bankruptcies — and one big difference.

By James KoutoulasNov 10, 2023, 5:09 p.m. EST

Jon Corzine and Sam Bankman-Fried were both politically-connected business leads who lost over $1 billion in customer funds, though their different outcomes shows that regulation does not always achieve what is promised. (Wikimedia Commons/CoinDesk)

Podcasts

SBF TRIAL Podcast: Inside the Courtroom With CoinDesk

By CoinDeskNov 10, 2023, 5:00 a.m. EST

SBF TRIAL Podcast 11/03: Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial

Markets

Solana Tokens Sees Risky Bets Increase After End of Sam Bankman-Fried Trial

Bonk took center stage in the Solana ecosystem in January as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX exchange debacle.

By Shaurya MalwaNov 9, 2023, 7:05 a.m. EST

Bonk Inu developers say they want to showcase Solana's capabilities. (Bonk Inu)

Policy

SBF Trial: The Last Day of Summer Camp

Sam Bankman-Fried's trial ended, in the words of his defense attorney, "gradually, then suddenly."

By Nikhilesh DeNov 9, 2023, 6:00 a.m. EST

Opinion

How Sam Bankman-Fried Mastered the Art of Crypto Marketing

The “most generous billionaire” weaponized altruism to built an almost mythical brand, Web3 marketing expert Tim Haldorsson writes.

By Tim HaldorssonNov 7, 2023, 4:23 p.m. EST

Sam Bankman-Fried (MIT Bitcoin Club, Mercatus Center, Cointelegraph/Wikimedia Commons, modified by CoinDesk)

Opinion