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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Inside the Courtroom of Sam Bankman-Fried’s Trial

FTX founder Sam Bankman-Fried's trial is on pause until next week, when prosecutors say they plan to rest their case on Oct. 26. CoinDesk Managing Editor of Global Policy and Regulation Nikhilesh De, along with CoinDesk Regulatory Reporter Liz Napolitano, who were in the courtroom, share insights into the latest legal developments and the key takeaways.

Oct 20, 2023, 10:57 a.m. EDT

Policy

The Sam Bankman-Fried Trial: Our Favorite Quotes, So Far

"I don't understand the cryptocurrency,” and other bangers uttered in the courtroom.

By Nikhilesh De, Marc HochsteinOct 20, 2023, 6:00 a.m. EDT

Policy

Sam Bankman-Fried's Lawyers, DOJ Propose Final Sets of Jury Instructions

The parties to the criminal fraud trial expect to wrap up witness testimony in the coming weeks.

By Nikhilesh DeOct 19, 2023, 6:38 p.m. EDT

FTX's Sam Bankman-Fried exiting a federal courthouse in New York last year. (Nikhilesh De/CoinDesk)

Podcasts

SBF TRIAL PODCAST 10/19: Listen How Judge Kaplan's Anger Hits All Lawyers in the Sam Bankman-Fried Case

By CoinDeskOct 19, 2023, 1:00 p.m. EDT

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

Policy

Judge Kaplan's Ire Hits All Lawyers in the Sam Bankman-Fried Case

“This is a joke," the judge told the attorneys after a bizarre bit of testimony.

By Danny Nelson, Nikhilesh DeOct 19, 2023, 6:00 a.m. EDT

Policy

FTX Used Billions in Customer Funds to Buy Back Binance Stake

Binance CEO Changpeng Zhao said in a 2022 post the company had received over $2.1 billion in binance usd (BUSD) stablecoins and FTX’s FTT tokens.

By Shaurya MalwaOct 19, 2023, 4:06 a.m. EDT

Podcasts

SBF TRIAL PODCAST 10/18: Why Sam Bankman-Fried's lead attorney Mark Cohen is Struggling to Piece Together the Defense’s Narrative

By CoinDeskOct 18, 2023, 1:00 p.m. EDT

Videos

Treasury Department Issues Sanctions on Hamas Operatives; SBF's Meetings With Powerful Politicians

"CoinDesk Daily" host Jennifer Sanasie breaks down the hottest crypto headlines today, including testimony during the criminal trial of FTX founder Sam Bankman-Fried that revealed scheduled meetings with various American politicians. A closer look at how the U.S. is working to disrupt Hamas financing after recent attacks on Israel. And, Fidelity files an amendment to its proposed spot bitcoin ETF.

Oct 18, 2023, 11:52 a.m. EDT

Policy

‘Oh, Yes’: Accounting Prof Says Sam Bankman-Fried’s FTX Definitely Mishandled Customers' Money

For starters, customer funds were behind a majority of FTX’s investment into Scaramucci’s SkyBridge Capital, Peter Easton testifies.

By Sam Kessler, Helene BraunOct 18, 2023, 11:15 a.m. EDT

Sam Bankman-Fried, CEO, FTX and Christine Lee, Lead Anchor, CoinDesk

Videos

Lack of 'Melodrama' Is Surprising in Sam Bankman-Fried's Trial: Law Professor

As part of CoinDesk's State of Crypto Week presented by Chainalysis, St. John’s University law professor Anthony M. Sabino weighs in on how crypto regulation could change as Sam Bankman-Fried's criminal trial continues. When it comes to Sam Bankman-Fried's defense Sabino said he was "quite surprised at the lack of more melodrama," especially regarding former Alameda CEO Caroline Ellison's testimony.

Oct 18, 2023, 11:09 a.m. EDT