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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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: Lawyer Explains Why Crypto Details May Be 'Dangerous' for Prosecution

Braden Perry, a former federal enforcement attorney and current partner at Kennyhertz Perry, discusses how to approach a complicated fraud case like the trial regarding FTX founder Sam Bankman-Fried. "Getting into a lot of the details of crypto to a jury, that likely has not has a bunch of experience with it, may be a little dangerous for the prosecution," Perry said.

Oct 11, 2023

Videos

The SBF Trial: Lawyer Says 'It Has Not Been a Good Start' For Bankman-Fried

Former Alameda Research CEO Caroline Ellison testified that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX founder Sam Bankman-Fried. Braden Perry, former federal enforcement attorney and currently a partner at Kennyhertz Perry, discusses his take on the SBF trial and the latest legal developments.

Oct 11, 2023

Policy

Chinese Bribes, Thai Prostitutes and an End to the Lies: Caroline Ellison’s Explosive Second Day of Testimony Against Sam Bankman-Fried

The former Alameda Research CEO wept on the witness stand during her second day of testimony in Sam Bankman-Fried's fraud trial.

By Sam Kessler, Helene Braun, Nikhilesh De, Elizabeth NapolitanoOct 11, 2023

Caroline Ellison, the government's star witness in their case against FTX founder Sam Bankman-Fried, leaving court on Tuesday, Oct. 11 following her first day of testimony. (Danny Nelson/CoinDesk)

Podcasts

SBF’s Lawyers Could Be Annoying the Judge | How Might That Impact the Trial?

By Laura ShinOct 11, 2023

Policy

Caroline Ellison Was CEO but Sam Bankman-Fried Was Still Boss of Alameda, Her Testimony Suggests

Unforgettable moments from Caroline Ellison’s first day testifying.

By Danny Nelson, Sam Kessler, Nikhilesh DeOct 11, 2023

Policy

Sam Bankman-Fried Wanted to Close Alameda in 2022, Unpublished Posts Show

He had hoped to continue Alameda Research as an investment firm and infrastructure developer, but claimed in the posts that Alameda wouldn’t actively trade.

By Shaurya MalwaOct 11, 2023

Policy

SBF's Lawyers Want to Ask Caroline Ellison About FTX's Anthropic AI Stake

Ellison, the former Alameda CEO, testified Tuesday that she was consulted on FTX's investment portfolio.

By Nikhilesh DeOct 11, 2023

Caroline Ellison leaves the courthouse on Oct. 10, 2023 (Elizabeth Napolitano/CoinDesk)

Opinion

Defending the Indefensible? Sam Bankman-Fried’s Lawyers Deserve Better

The FTX founder's lawyers have been given no quarter by District Judge Lewis Kaplan, overseeing the case.

By Daniel KuhnOct 10, 2023

Videos

Ex-Alameda Research CEO Prepared to Take the Stand at SBF Trial; Hamas-Linked Crypto Accounts Frozen

"CoinDesk Daily" breaks down the biggest crypto headlines today, including what to expect during the fifth day of Sam Bankman-Fried's criminal trial as Caroline Ellison prepares to take the stand. Binance is reportedly helping Israeli police freeze cryptocurrency accounts linked to Palestinian militant group Hamas. Plus, a crypto markets update.

Oct 10, 2023