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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Sam Bankman-Fried Denied Bail in the Bahamas

Sam Bankman-Fried, founder and former CEO of crypto exchange FTX, will be remanded into custody after a Bahamas judge ruled he should be denied bail on Tuesday. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the latest developments in FTX's collapse.

Dec 14, 2022

Opinion

Understanding the Charges Brought Against Sam Bankman-Fried

The SEC, CFTC and DOJ treat the FTX founder as an ambitious and calculating criminal.

By David Z. MorrisDec 14, 2022

FTX founder and former CEO Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Videos

Sam Bankman-Fried Is a 'Pathological Liar': US Congressman After FTX Hearing

FTX founder Sam Bankman-Fried tweeted that the crypto exchange was "fine" on Nov. 7, then subsequently deleted the statement. Rep. Ritchie Torres (D-N.Y.), who was in the room at Tuesday's House Financial Committee hearing on the FTX collapse, says Bankman-Fried "misled the public, he lied."

Dec 14, 2022

Policy

Rechazan el pedido de libertad bajo fianza para Sam Bankman-Fried en las Bahamas

El fundador del exchange FTX fue detenido el lunes.

By Cheyenne Ligon, Nikhilesh DeDec 14, 2022

El ex CEO de FTX, Sam Bankman-Fried. (Danny Nelson/CoinDesk)

Markets

First Mover Americas: Binance Hits Turbulence as Withdrawals Mount

The latest price moves in crypto markets in context for Dec. 14, 2022.

By Lyllah Ledesma, Omkar GodboleDec 14, 2022

Binance is hitting a rough period as withdrawals from its trading platform surge. (Sotheby's/Wikimedia Commons)

Markets

Ether, Bitcoin Post Gains as Crypto Market Cheers Sam Bankman-Fried's Arrest, Inflation Data

With the former FTX CEO's arrest, the crypto market has now shifted its focus to improving macroeconomic conditions, analysts said.

By Sam ReynoldsDec 14, 2022

Cheering. (wdstock/ iStock/Getty Images Plus)

Finance

Bankman-Fried Lawsuits Expose FTX's 'Special Treatment' of Alameda Research

Sam Bankman-Fried’s “personal piggy bank” Alameda Research was deeply intertwined with his exchange, FTX.

By Danny NelsonDec 13, 2022

Sam Bankman-Fried (Danny Nelson/CoinDesk)

Podcasts

Sam Bankman-Fried Arrested for Wire Fraud and Conspiracy to Defraud the United States

By Nathaniel WhittemoreDec 13, 2022

Policy

FTX Founder Sam Bankman-Fried Denied Bail in the Bahamas

Bankman-Fried was arrested Monday.

By Cheyenne Ligon, Nikhilesh DeDec 13, 2022

Videos

U.S. Attorney for SDNY Announces Charges Against Sam Bankman-Fried

Damian Williams, the United States Attorney for the Southern District of New York, announced that former FTX CEO Sam Bankman-Fried was charged in an 8 count indictment that includes allegations of fraud, money laundering, and campaign finance offenses. Plus, in testimony before the U.S. House Financial Services Committee, new FTX CEO John J. Ray III said FTX embezzled customer funds.

Dec 13, 2022