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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Sam Bankman-Fried Agrees to Testify Before US House Financial Committee

The chair of the House Financial Services Committee, Maxine Waters, said SBF's attendance was "imperative."

By Jack SchicklerDec 9, 2022, 7:20 a.m. EST

Sam Bankman-Fried sticking his tongue out while at Crypto Bahamas earlier this year. (Danny Nelson/CoinDesk)

Markets

FTX Revival Proposal Supported by Sam Bankman-Fried Lifts FTT Token

The crypto exchange's founder tweeted his support for influencer Ran Neuner's revival idea, sending the battered tokens as much as 47% higher.

By Omkar GodboleDec 9, 2022, 6:33 a.m. EST

FTT llega a su máximo desde el 16 de noviembre. (Highcharts/CoinDesk)

Podcasts

Sherrod Brown Tells SBF, ‘Show Up or Get Subpoenaed’

By Nathaniel WhittemoreDec 8, 2022, 4:34 p.m. EST

Videos

The Four Horsemen of the Cryptocalypse

This year has been a real mixed bag with market ups, downs, successes, progress, and now a crisis of faith for some in crypto. CoinDesk Chief Insights Columnist David Z. Morris joins "All About Bitcoin" to discuss why Do Kwon, Su Zhu, Alex Mashinsky and Stephen Ehrlich are four of CoinDesk’s Most Influential 2022. Plus, insights on Morris' latest op-ed about why former FTX CEO Sam Bankman-Fried could go to jail.

Dec 8, 2022, 3:51 p.m. EST

Podcasts

Crypto Update | Why Do Crypto Lenders Keep Blowing Up?

By Adrian Blust, Adam B. LevineDec 8, 2022, 2:42 p.m. EST

Weekend Story | The Short-Sightedness of Run-Amok Regulators

Opinion

Did Sam Bankman-Fried Finally Admit the Obvious?

In an exchange with YouTuber Coffeezilla, the former CEO disclosed that client funds weren’t segregated as promised.

By Daniel KuhnDec 8, 2022, 1:30 p.m. EST

Videos

Fmr Mt. Gox CEO on SBF

Former Mt Gox CEO suggests Sam Bankman-Fried is "trying to hide something." That story and other news shaping the cryptocurrency world in this episode of "The Daily Forkast."

Dec 8, 2022, 11:08 a.m. EST

Videos

Sam Bankman-Fried to Face Subpoena from Senate Committee if He Doesn't Voluntarily Testify

The Senate Banking Committee wants Sam Bankman-Fried to appear before it next week in person to discuss the collapse of FTX, and will subpoena him if he does not appear voluntarily, a letter from its leaders said Wednesday. CoinDesk's Nikhilesh De joins "First Mover" to discuss the latest developments.

Dec 8, 2022, 10:54 a.m. EST

Markets