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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Former FTX US President Quit After ‘Protracted Disagreement’ With Bankman-Fried: Report

A new report from the failed crypto exchange FTX’s current leadership says that former FTX US President Brett Harrison resigned last September partly because of a “protracted disagreement” with CEO Sam Bankman-Fried and members of his inner circle. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the latest.

Apr 10, 2023

Finance

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

A new 45-page report detailing accounting failures at the failed crypto exchange says that at one point employees were instructed by an unnamed higher-up to “come up with some numbers? Idk.”

By Cheyenne LigonApr 9, 2023

Former FTX US President Brett Harrison. (Danny Nelson/CoinDesk)

Opinion

Thanks Sam! How FTX Led to World’s Worst Crypto Policy

Washington’s “war on crypto” continues to occupy minds in the crypto industry. This week, CoinDesk Chief Content Officer Michael Casey tackles the apparent rise in hostility from U.S. regulators from a different angle: revenge.

By Michael J. CaseyApr 7, 2023

Markets

First Mover Americas: XRP Marches Forward

The latest price moves in crypto markets in context for March 31, 2023.

By Lyllah Ledesma, Omkar GodboleMar 31, 2023

Videos

Sam Bankman-Fried Developments; Tron Founder Justin Sun Reportedly Lost His Diplomatic Status

During a court appearance on Thursday, FTX founder and former CEO Sam Bankman-Fried pleaded not guilty to charges of attempted bribery and campaign finance violations unveiled in two recent superseding indictments. CoinDesk Regulatory Reporter Cheyenne Ligon discusses SBF's plead. Plus, Justin Sun, founder of the Tron blockchain, is reportedly no longer a diplomat for Grenada.

Mar 30, 2023

Videos

Sam Bankman-Fried's Legal Developments; Bitgo Releases Security Features Aimed at Bitcoin Ordinals

FTX founder and former CEO Sam Bankman-Fried pleaded not guilty to charges of attempted bribery and campaign finance violations during a court appearance. Plus, custody provider BitGo releases security features designed to protect owners of Bitcoin Ordinals Inscriptions, which allow people to inscribe text, images and even videos directly on the Bitcoin blockchain.

Mar 30, 2023

Policy

FTX Founder Sam Bankman-Fried Pleads Not Guilty to Latest Bribery Charge

Prosecutors added an attempted bribery charge earlier this week.

By Cheyenne Ligon, Nikhilesh DeMar 30, 2023

Sam Bankman-Fried outside U.S. District Court on Feb. 9, 2023 (Liz Napolitano/CoinDesk)

Videos

Sam Bankman-Fried to Plead Not Guilty to Bribery, Campaign Finance Charges: Reuters

FTX founder Sam Bankman-Fried will plead not guilty on charges of trying to evade campaign financing laws and attempting to bribe one or more Chinese government officials, according to a Reuters report. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De weighs in. Separately, OKX says it has identified $157 million in digital assets belonging to FTX and Alameda Research and is turning them over to the bankruptcy estate for the former companies.

Mar 30, 2023

Policy

Sam Bankman-Fried to Plead Not Guilty to Bribery, Campaign-Finance Charges: Reuters

The FTX founder previously pleaded not guilty to eight charges of fraud and conspiracy and is awaiting trial in October.

By Jamie CrawleyMar 30, 2023

Sam Bankman-Fried (Liz Napolitano/CoinDesk)

Videos

Bitcoin Spikes Above $28K; SBF’s Attorney Fees Paid by His Father With Gifted Alameda Funds: Forbes

Bitcoin (BTC) is jumping above the $28,000 level and is on track for its best quarter in two years. Separately, a new report from Forbes states that FTX founder Sam Bankman-Fried's father, Joseph Bankman, has been paying his son's legal fees with money borrowed from FTX’s sister company.

Mar 29, 2023