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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Tron's TRX Jumps 140% Amid 1:1 FTX Redemption of Tron-Based Tokens

FTX announced that Tron-based assets could be moved to external wallets.

By Helene BraunNov 10, 2022

Tron's TRX token jumped about 140% on crypto exchange FTX on Thursday. (FTX)

Policy

White House Says FTX Crash ‘Underscores’ Crypto Concerns

White House Press Secretary Karine Jean-Pierre told reporters that the Biden administration is aware of FTX’s ongoing problems and will continue to monitor the situation.

By Cheyenne LigonNov 10, 2022

The White House, the executive office of the U.S. President (Jesse Hamilton/CoinDesk)

Videos

Sam Bankman-Fried Tweets Apology as FTX Fallout Continues

FTX CEO Sam Bankman-Fried took to Twitter to apologize for the crisis plaguing his troubled crypto exchange and affiliate Alameda Research. "The Hash" panel discusses the latest in the downfall of FTX and what the future holds.

Nov 10, 2022

Podcasts

Crypto Update | Behind Sam Bankman-Fried and His FTT Tokens

By Adrian Blust, Adam B. LevineNov 10, 2022

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

Finance

FTX US Warns of Trading Halt Hours After Bankman-Fried Says It's '100% Liquid'

Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.

By Nikhilesh DeNov 10, 2022

Former FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)

Policy

FTX Violated Its Own Terms of Service and Misused User Funds, Lawyers Say

Although the crypto exchange's terms of service prevented it from using customer assets, lawyers suggest FTX's swift downfall indicates the funds were misused.

By Sandali HandagamaNov 10, 2022

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

Finance

Sam Bankman-Fried dice que Alameda se retira y promete a los clientes de FTX US que sus fondos “están bien”

El propietario de la empresa de trading tuiteó las novedades el jueves a la mañana.

By Danny Nelson, Nikhilesh De, Nick BakerNov 10, 2022

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

Markets

FTX Balances Tumbled 87% in 5 Days in Epic Crypto Deposit Run, Data Shows

A glance at data from Arkham Intelligence shows the behind-the-scenes operational reality that drove billionaire Sam Bankman-Fried's beleaguered FTX exchange to order a withdrawal halt this week.

By Sage D. YoungNov 10, 2022

Investors rush to withdraw their savings during a stock market crash, circa 1929. (Hulton Archive/Getty Images)

Videos

Regulatory Gap Limiting CFTC's Crypto Purview: Commissioner Johnson

CFTC Commissioner Kristin N. Johnson discusses her take on FTX's downfall and whether U.S. regulators might probe Sam Bankman-Fried, the head of a non-U.S. entity, the way they did former BitMEX CEO Arthur Hayes. "We are vigorously enforcing any instances where we can," Johnson said. "There is a regulatory gap ... that really limits our ability."

Nov 10, 2022

Videos

Trust Is Gained Over Time but Lost in an Instant: Analyst

Tokens related to cryptocurrency exchange FTX, including FTT and Solana (SOL), have fallen sharply amid contagion fears. Citi Digital Asset Analyst Joe Ayoub said "that's largely because of a lack of trust from users in these projects that are related to Sam [Bankman-Fried]."

Nov 10, 2022