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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Markets

Market Analysis: Crypto Turns to an Oil-Patch Tradition to Right Itself

Crypto exchanges' newfound commitment to adopt proof-of-reserves measures echoes practices long followed by the oil and gas industry – to instill confidence.

By Glenn Williams Jr.Nov 14, 2022, 4:07 p.m. EST

An early oil derrick in Alberta, Canada, 1898. (Wikipedia, modified by CoinDesk)

Finance

FTX Hack or Inside Job? Blockchain Experts Examine Clues and a ‘Stupid Mistake’

Insolvent crypto exchange FTX suffered a $400 million exploit late Friday after filing for bankruptcy protection.

By Krisztian SandorNov 14, 2022, 3:30 p.m. EST

Policy

FTX’s Failure Is Sparking a Massive Regulatory Response

Lawmakers, regulators and criminal investigators are looking into FTX’s collapse, and Sam Bankman-Fried’s tweets aren’t helping.

By Nikhilesh DeNov 14, 2022, 2:56 p.m. EST

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

Finance

Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange

The foundation addressed the fallout of the FTX debacle in a blog post.

By Danny NelsonNov 14, 2022, 2:47 p.m. EST

Then-CEO of FTX Sam Bankman-Fried and CEO of Solana Labs Anatoly Yakovenko (Danny Nelson/CoinDesk)

Opinion

After FTX: Rebuilding Trust in Crypto’s Founding Mission

For an industry built on the principle of decentralization, we had a lot of trust in one 30-year-old. Understanding why is key to a more sustainable future for crypto.

By Noelle AchesonNov 14, 2022, 2:33 p.m. EST

AI Artwork SBM Sam Bankman-Fried (DALL-E/CoinDesk)

Policy

Turkish Law Enforcement Investigating FTX's Local Arm Following Wipeout

Turkey's Financial Crimes Investigation Agency said it is looking into individuals, institutions, banks and crypto service providers with ties to FTX.com after its swift collapse last week.

By Sandali HandagamaNov 14, 2022, 1:36 p.m. EST

Former FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)

Finance

Kevin O’Leary Says Comments From Gensler Killed His Attempts to Help Save FTX

The "Shark Tank" star said he was receiving requests from funds about the crypto exchange, but remarks from the SEC's chairman threw a wrench in the plans.

By Fran VelasquezNov 14, 2022, 1:26 p.m. EST

Kevin O'Leary (Michael Kovac/Getty Images)

Videos

Kevin O'Leary Addresses FTX Fallout, Ties with Sam Bankman-Fried

Kevin O'Leary, O'Leary Ventures chairman, who became a spokesperson for FTX back in 2021, discusses his relationship with former FTX CEO Sam Bankman-Fried and why he invested in the company. "It was meeting the team that gave me the confidence to get involved with this," he said.

Nov 14, 2022, 11:43 a.m. EST

Videos

Kevin O’Leary: FTX Fallout ‘Does Not Kill Crypto'

O'Leary Ventures Chairman Kevin O’Leary, who became a spokesperson for FTX in 2021, joins “First Mover” to discuss his reaction to the FTX disaster and his last conversation with former CEO Sam Bankman-Fried. Plus, an outlook on the crypto markets following bitcoin’s worst week in five months triggered by the FTX saga.

Nov 14, 2022, 10:57 a.m. EST

Policy