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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Podcasts

SBF TRIAL PODCAST 10/17: Why FTX Executive Nishad Singh Felt ‘Suicidal’ in Crypto Exchange’s Final Days

By CoinDeskOct 17, 2023

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

Videos

The SBF Trial: Ex-FTX Exec Nishad Singh Back in Court; Binance.US Halts Direct Dollar Withdrawals

"CoinDesk Daily" host Jennifer Sanasie breaks down the hottest crypto headlines today, including the latest witness testimony in the Sam Bankman-Fried trial from former senior FTX executive Nishad Singh. Plus, the amended proposal that bankrupt crypto exchange FTX has floated to return up to 90% of creditor holdings. And, Binance.US users can no longer withdraw dollars directly from the platform after the exchange updated its terms of use.

Oct 17, 2023

Policy

For Once, Sam Bankman-Fried's Lawyer Lands a Punch at FTX CEO's Criminal Trial

Under questioning from defense attorney Mark Cohen, a former FTX exec and government witness admitted to some hazy memories.

By Nikhilesh De, Sam Kessler, Danny NelsonOct 17, 2023

Former FTX exec Nishant Singh leaving court on Oct. 17 (Danny Nelson/CoinDesk)

Videos

Ex-FTX Exec Nishad Singh Back in Court After Testifying about Sam Bankman-Fried's 'Excess' Spending

Former FTX executive Nishad Singh is testifying before jurors again Tuesday as Sam Bankman-Fried's criminal trial continues. Singh, who said he knew around $8 billion of FTX customers’ money had gone missing, was once part of Bankman-Fried’s inner circle. CoinDesk executive director of global content Emily Parker describes the latest legal proceedings.

Oct 17, 2023

Policy

The Sam Bankman-Fried Trial Is Revealing Crypto's Amateur-Hour Ways

Audit-schmaudit.

By Nikhilesh DeOct 17, 2023

BlockFi CEO Zac Prince (right) (Danny Nelson/CoinDesk)

Policy

SBF Trial: Nishad Singh Felt ‘Suicidal’ in Crypto Exchange’s Final Days

“Five years of blood, sweat, and tears turned out to be for something evil,” Nishad Singh told a jury.

By Sam Kessler, Nikhilesh DeOct 17, 2023

Policy

FTX Plans to Return 90% of Customer Funds, but There's a Catch

An amended proposal released early Tuesday will be filed by the FTX Debtors by mid-December if approved.

By Shaurya MalwaOct 17, 2023

Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk, modified by CoinDesk)

Podcasts

SBF TRIAL PODCAST 10/16: As Week 3 Begins, What Did FTX’s Terms of Service Say About Customer Funds?

By CoinDeskOct 16, 2023

Videos

The SBF Trial Remains 'Top of Mind' for Regulators, Congress: Legal Expert

For CoinDesk's State of Crypto Week, presented by Chainalysis, Daniel Davis, former CFTC general counsel and a current partner at Katten Muchin Rosenman LLP, discusses how FTX founder Sam Bankman-Fried's trial and the crypto exchange's bankruptcy proceedings could shape future crypto regulation in the U.S. Plus, his thoughts on whether ether (ETH) could be classified as a commodity.

Oct 16, 2023

Videos

Sam Bankman-Fried's Defense Strategy Is That He's an 'Idiot,' Attorney Says

Tully & Weiss criminal defense attorney Joseph Tully shares his thoughts on Sam Bankman-Fried's defense strategy and explains why he believes things "aren't going too well" for the defense team in this case. Plus, whether Bankman-Fried's lawyers could possibly pin the blame on former Alameda Research CEO Caroline Ellison for FTX's implosion.

Oct 16, 2023