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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.

Policy

The Case Against Sam Bankman-Fried

The jury will begin deliberations by the end of Thursday.

By Nikhilesh DeNov 2, 2023, 6:00 a.m. EDT

Finance

A Year After Sam Bankman-Fried's Downfall, Solana and Other FTX Holdings Are Flying High

The FTX founder's downfall began on Nov. 2, 2022 – a year ago Thursday – when CoinDesk published a big scoop. Jurors are poised to begin deliberating his fate on the anniversary of that story, at a time when the SOL tokens FTX owns just got $1 billion more valuable.

By Ian Allison, Nick BakerNov 1, 2023, 8:00 p.m. EDT

Policy

Sam Bankman-Fried on Verge of Tears as His Lawyer Concludes Defense

The alleged fraudster and ex-FTX CEO acted "in good faith," Bankman-Fried's attorney said in an emotional closing argument.

By Danny Nelson, Sam KesslerNov 1, 2023, 7:01 p.m. EDT

Trial of Sam Bankman-Fried (Danny Nelson/CoinDesk)

Videos

Closing Arguments Start in Sam Bankman-Fried's Trial; Could Bitcoin Reach $150K by 2025?

"CoinDesk Daily" host Jennifer Sanasie breaks down the hottest stories shaping the crypto industry today, including Bernstein's latest bitcoin (BTC) price prediction. Circle is curbing service for individual accounts to mint stablecoins. And, the latest legal developments as FTX founder Sam Bankman-Fried's trial nears its end.

Nov 1, 2023, 11:37 a.m. EDT

Policy

Sam Bankman-Fried Ran 'Pyramid of Deceit,' Prosecutor Says in Closing Argument; Defense Calls Case Against FTX Founder a Fantasy

Jurors could begin deliberating Bankman-Fried's fate as soon as Thursday.

By Sam Kessler, Nikhilesh De, Helene Braun, Danny NelsonNov 1, 2023, 11:36 a.m. EDT

Sam Bankman-Fried escorted out of court on Dec. 21, 2022, in Nassau, Bahamas (Joe Raedle/Getty Images)

Podcasts

SBF TRIAL Podcast 11/01: Sam Bankman-Fried’s Final Day of Testimony

By CoinDeskNov 1, 2023, 11:03 a.m. EDT

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

Videos

Sam Bankman-Fried's Trial Reaches Closing Arguments: What Happens Next?

Omar Ochoa Law Firm founder, Omar Ochoa, joins "First Mover" to discuss the latest developments in Sam Bankman-Fried's criminal trial, along with his predictions, as closing arguments are expected to begin on Wednesday. The FTX founder was the last witness from both the defense and the prosecution.

Nov 1, 2023, 10:37 a.m. EDT

Videos

Sam Bankman-Fried's Defense Team Has Done the 'Best That They Can,' Lawyer Says

Omar Ochoa Law Firm founder Omar Ochoa weighs in on the how Sam Bankman-Fried's defense team has acted during the FTX founder's criminal trial. "It's a really difficult case for the defense, in all honesty," Ochoa said. "The defense counsel has done the best that they can."

Nov 1, 2023, 10:36 a.m. EDT

Podcasts