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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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 Says Alameda Winding Down, Promises FTX US Customers' Funds Are 'Fine'

FTX CEO Sam Bankman-Fried promised to use “every penny” his crypto exchange has to repay users ahead of investors, apologizing in a tweet thread on Thursday. The 30-year-old former billionaire also said Alameda Trading – his empire’s once mighty crypto quant shop and market maker – would wind down trading. CoinDesk Technology Reporter Sam Kessler weighs in.

Nov 10, 2022

Finance

Jefferies CEO Expressed Doubts About Sam Bankman-Fried in July

Rich Handler, a restructuring expert, said SBF was "over his head" in trying to rescue crypto outfits.

By Brandy BetzNov 10, 2022

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

Policy

FTX Japan to Go Into 'Close-Only' Mode Following Regulator's Order to Suspend Operations

The Financial Services Agency had ordered the local arm of Sam Bankman-Fried's crypto exchange to halt operations until December following a withdrawal halt.

By Sandali HandagamaNov 10, 2022

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

Finance

Sam Bankman-Fried Says Alameda Winding Down, Promises FTX US Customers' Funds Are 'Fine'

The trading company's owner tweeted the news on Thursday morning.

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

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

Policy

Washington, D.C.’s Buddy Sam Bankman-Fried Has Some Explaining to Do

FTX CEO Bankman-Fried has been crypto’s shining star in U.S. policy circles, and it’s unclear whether he has an obvious successor.

By Jesse HamiltonNov 10, 2022

Sam Bankman-Fried and former U.S. President Bill Clinton at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)

Finance

Without Details, Tron's Justin Sun Says He's 'Putting Together Solution' for FTX

Binance announced it would not acquire FTX earlier Wednesday.

By Nikhilesh DeNov 10, 2022

Layer 2

8 Days in November: What Led to FTX’s Sudden Collapse

Financier and influencer Sam Bankman-Fried flew exceptionally high during the pandemic-driven crypto bull market. Here’s what led to his fall, and why it matters for the industry’s future.

By David Z. MorrisNov 9, 2022

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

Finance

SBF Warns FTX Investors of Bankruptcy Without More Cash: Bloomberg

FTX is underwater.

By Danny NelsonNov 9, 2022

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

Opinion

The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts

Tech, market and regulatory experts weigh in on a possible Binance acquisition of what was once one of crypto’s most influential exchanges.

By Daniel KuhnNov 9, 2022

Markets

Alameda, In Eye of Crypto Storm, Takes $37M of Wrapped Bitcoin Off FTX.US Exchange

The purpose of the token movements is unclear, and the amount likely a small portion of the overall firm's holdings, but the observation shows Alameda scrambling to arrange its finances – using the Ethereum blockchain.

By Krisztian SandorNov 9, 2022