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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

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

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

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

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

Markets

First Mover Americas: Mr. Bankman-Fried Must Go to Washington

The latest price moves in crypto markets in context for Dec. 8, 2022.

By Lyllah Ledesma, Omkar GodboleDec 8, 2022

Sam Bankman-Fried, CEO de FTX. (Stefani Reynolds/Bloomberg via Getty Images)

Policy

Senate Committee to Subpoena FTX's Sam Bankman-Fried if He Does Not Testify Voluntarily

The Senate Banking and House Financial Services committees are holding hearings on FTX's collapse next week.

By Nikhilesh DeDec 8, 2022

The collapse of crypto exchange FTX under Sam Bankman-Fried raises the issue of proofs of reserve. (CoinDesk)

Policy

House Financial Services Chief Waters Not Planning to Subpoena Sam Bankman-Fried: Report

However, Waters tweeted on Wednesday evening that "lies are circulating" that she's not willing to subpoena the disgraced former head of FTX.

By Nelson WangDec 7, 2022

Rep. Maxine Waters (Sarah Morris/Getty Images)

Opinion

Be Patient: Sam Bankman-Fried Could Go to Prison for a Very, Very Long Time

The former wonder boy could be behind bars for life, according to U.S. federal sentencing guidelines.

By David Z. MorrisDec 7, 2022

Videos

Sam Bankman-Fried Hires High-Profile Defense Attorney: Reuters

According to Reuters, Sam Bankman-Fried has retained high-profile defense attorney Mark Cohen, citing confirmation from Bankman-Fried's spokesperson Mark Botnick. A partner at Cohen & Gresser, Mark Cohen is a former federal prosecutor and recently represented Ghislaine Maxwell in her sex trafficking trial. "First Mover" hosts Christine Lee and Lawrence Lewitinn discuss the latest developments.

Dec 7, 2022