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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Ex-Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison for Her Role in FTX Fraud

Ellison will also have to forfeit about $11 billion dollars, a federal judge ruled Tuesday.

By Nikhilesh De, Cheyenne Ligon, Helene BraunSep 24, 2024, 4:08 p.m. EDT

Caroline Ellison exits a Manhattan courthouse after being sentenced to two years in prison on Sept. 24, 2024. (Victor Chen/CoinDesk)

Policy

What to Expect at Former Alameda Research CEO Caroline Ellison's Sentencing

Caroline Ellison is the third FTX executive to be sentenced.

By Nikhilesh DeSep 24, 2024, 1:30 p.m. EDT

Ex-Alameda CEO Caroline Ellison at the federal courthouse in Manhattan (Danny Nelson/CoinDesk)

Videos

Binance Facing Heavier Scrutiny From the SEC; FTX Founder Sam Bankman-Fried Appeals Conviction

"CoinDesk Daily" host Benjamin Schiller breaks down the biggest headlines in the crypto industry today, as the U.S. SEC filed a proposed amended complaint against crypto exchange Binance. Plus, FTX founder Sam Bankman-Fried has appealed his fraud conviction and DeltaPrime saw over $6 million worth of various tokens drained from its wallets due to a private key leak.

Sep 16, 2024, 1:49 p.m. EDT

Policy

Sam Bankman-Fried Appeals Fraud Conviction, Requests New Trial

The FTX founder is six months into a 25-year prison sentence.

By Cheyenne LigonSep 13, 2024, 3:44 p.m. EDT

Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Policy

Caroline Ellison Shouldn't Go to Jail After FTX Collapse, Attorneys Say

The former Alameda Research CEO testified against her former boss, Sam Bankman-Fried, last year.

By Nikhilesh DeSep 11, 2024, 12:51 a.m. EDT

Ex-Alameda CEO Caroline Ellison, center, at the federal courthouse in Manhattan as she was due to testify in Sam Bankman-Fried's trial on Oct. 10, 2023 (Victor Chen/CoinDesk)

Policy

FTX, Alameda Ordered to Pay $12.7B to Creditors by U.S. Judge

The order doesn't include civil penalties but bans FTX and its sister concern, Alameda, formerly a heavyweight crypto market maker, from trading digital assets and acting as intermediaries in the market.

By Shaurya MalwaAug 8, 2024, 2:44 a.m. EDT

Sam Bankman-Fried (Danny Nelson/CoinDesk)

Policy

The Bahamas 'Dares' Again 1.5 Years After FTX Collapse, Brings in New Crypto Law

The Bahamas' Parliament passed the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), The Securities Commission of The Bahamas announced on Tuesday.

By Amitoj SinghJul 31, 2024, 8:36 a.m. EDT

Policy

Jump Trading Drags FTX Estate to Court Over $264M Serum Token Loan

Jump Trading's Tai Mo Shan subsidiary is seeking nearly $264 million in damages over a failed delivery of SRM tokens – more than the protocol's current market cap.

By Sam ReynoldsJul 11, 2024, 2:18 a.m. EDT