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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

U.S. House Approves Crypto FIT21 Bill; Sam Bankman-Fried Being Moved to New Prison

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as the U.S. House of Representatives has approved FIT21, a wide-reaching bill to establish oversight and regulations for the crypto industry. Plus, U.S. spot bitcoin ETFs have reached a new record by holdings on Wednesday with more than 850,000 BTC in custody. And, Sam Bankman-Fried is being relocated to a new prison.

May 23, 2024, 1:27 p.m. EDT

Policy

FTX Fraudster Sam Bankman-Fried Being Transferred to New Prison: WSJ

The location of the new prison is undisclosed as of early Thursday, but is thought to be in California, WSJ said. He is likely to be placed in a medium-security prison.

By Shaurya MalwaMay 23, 2024, 2:10 a.m. EDT

Opinion

Was Sam Bankman-Fried Proven Right About FTX’s Solvency?

No.

By Daniel KuhnMay 10, 2024, 4:03 p.m. EDT

Finance

Former FTX Europe Head Pays $1.5M for Gold Watch Recovered From Titanic: WSJ

Gruhn said he bought the watch for his wife, Maren Gruhn, and that they would display the watch in museums, according to the report.

By Amitoj SinghMay 2, 2024, 3:48 a.m. EDT

The sinking of the Titanic painted by German artist Willy Stoewer. (Gettyimages/BettmannArchive)

Opinion

As CZ Gets His Sentence, Michael Lewis Should Rewatch 'Star Wars'

He likened FTX's Sam Bankman-Fried to Luke Skywalker and Binance's Changpeng Zhao to Darth Vader. Federal judges saw it differently.

By Nick BakerMay 1, 2024, 10:08 a.m. EDT

Michael Lewis (Danny Nelson/CoinDesk, modifed)

Policy

Sam Bankman-Fried Agrees to Help FTX Investors Go After Celeb Promoters

Bankman-Fried’s one-time friends and co-defendants Caroline Ellison, Gary Wang, and Nishad Singh have already settled with the investors.

By Cheyenne LigonApr 22, 2024, 12:12 p.m. EDT

Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Policy

Looking at Sam Bankman-Fried's Appeals Process

Bankman-Fried has 91 days to file a brief

By Nikhilesh DeApr 17, 2024, 12:25 a.m. EDT

Policy

Elizabeth Warren Demands U.S. CFTC Chair Explain His Chats With SBF

CFTC chief Rostin Behnam previously disclosed there were meetings and messages with FTX's Sam Bankman-Fried, but he hasn't granted another senator's call to see all the records.

By Jesse HamiltonApr 15, 2024, 3:33 p.m. EDT