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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

The SBF Trial: Upcoming Witnesses Include Ex-FTX Exec Nishad Singh

Week three of FTX founder Sam Bankman-Fried's trial is kicking off. Prosecutors have indicated jurors will soon hear from FTX co-founder Nishad Singh. Tully & Weiss criminal defense attorney Joseph Tully discusses what to make of the defense's strategy and how the remainder of the legal proceedings could play out.

Oct 16, 2023

Policy

Former Top FTX Executive Testifies He Knew $8B of Customer Money Was Missing

Nishad Singh, the latest member of Sam Bankman-Fried’s inner circle to testify, said his admiration for SBF turned to “shame” on discovering FTX execs enriched themselves with customer funds.

By Sam Kessler, Elizabeth Napolitano, Nikhilesh DeOct 16, 2023

Nishad Singh, left, exits a federal courthouse after testifying on Oct. 16, 2023 (Nikhilesh De/CoinDesk)

Policy

SBF Trial: What Did FTX’s Terms of Service Say About Customer Funds?

Sam Bankman Fried’s lawyers say FTX didn’t misuse customer funds under its terms of service. We dug into the agreement to see exactly what it says.

By Nikhilesh DeOct 16, 2023

Policy

Sam Bankman-Fried May Testify at Trial, Defense Says. First, He Needs His ADHD Meds

The defense team is nearing crunch time.

By Danny NelsonOct 16, 2023

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

Consensus Magazine

Everything to Know About Sam Bankman-Fried’s Second Week in Court

CoinDesk combed through trial documents, transcripts and reports for highlights about Caroline Ellison’s testimony, updates on FTX’s $400 million hack and more.

By Daniel KuhnOct 13, 2023

Podcasts

How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision

By Laura ShinOct 13, 2023

Jeremy Allaire on Circle's ‘Multi-Decade’ Strategy and Where Stablecoin Regulation Is Headed

Policy

SBF Trial: Crypto Lender BlockFi Believed Alameda Was Solvent Given Balance Sheet It Was Shown, CEO Testifies

BlockFi lost “a little over a billion dollars” due to its involvement with FTX and Alameda Research, Zac Prince said.

By Helene Braun, Nikhilesh DeOct 13, 2023

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

Podcasts

SBF TRIAL PODCAST 10/13: Listen to the Things SBF's Defense Lawyers Should Be Freaking Out About and Caroline Ellison Completes Testimony

By CoinDeskOct 13, 2023

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

Videos

The SBF Trial Week 2: Secret Recording Revealed, Ex-Alameda Research CEO Testifies

"CoinDesk Daily" host Jennifer Sanasie breaks down the key highlights from FTX founder Sam Bankman-Fried's trial this week. Former Alameda Research CEO Caroline Ellison, who is the prosecution's star witness, testified before jurors and also faced a cross-examination from the defense. In court, the jury also heard a recording of a meeting Ellison had with Alameda employees last year.

Oct 13, 2023

Videos

Crypto Venture Fund Dragonfly Does 'Not Want to Invest in the Next FTX,' Managing Partner Says

How has due diligence for crypto VCs changed in the wake of the FTX implosion? Dragonfly managing partner Haseeb Qureshi shares his thoughts, as FTX founder Sam Bankman-Fried's trial wraps up its second week. "Everybody is going to be vigilant. I do not want to invest in the next FTX...Entrepreneurs will make sure to follow everything to guarantee they are not FTX," Qureshi said.

Oct 13, 2023