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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Podcasts

Bitcoin Dips Below $17K as Binance Said to Waver on FTX Deal, NFL Legend Tom Brady Caught in FTX Fallout

By William Foxley, Zack Seward, Jennifer Sanasie, Wendy ONov 9, 2022

Videos

Bitcoin Drops to 23-Month Low; Galaxy Digital Reveals $76.8M FTX Exposure

Bitcoin (BTC) dropped to a new 23-month low as crypto traders processed the news that Binance might not buy rival FTX after all. Bloomberg reports U.S. securities and commodities regulators are probing whether FTX.com correctly managed client funds, despite statements by the ailing crypto exchange’s CEO, Sam Bankman-Fried, that all customer holdings were covered.

Nov 9, 2022

Finance

Binance Walks Away From Deal to Acquire FTX

A spokesperson for the crypto exchange said FTX's issues "are beyond our control or ability to help."

By Kevin ReynoldsNov 9, 2022

Finance

Why Is Crypto Tanking: The FTX-Binance Drama Explained

The world’s largest crypto exchange, Binance reversed course on a plan to bail out competitor FTX in an event that has shocked the crypto industry and is catching the attention of regulators.

By Sam KesslerNov 9, 2022

The last two days have generated plenty of drama in the crypto world. (Anton Petrus/Getty Images)

Podcasts

Twitter Spaces: Binance-FTX Deal – The Domino Effect

By Michael J. CaseyNov 9, 2022

Finance

Binance-FTX Deal Will Bring Regulatory 'Scrutiny’ on Crypto Exchanges: Blockchain Association’s Kristin Smith

The executive director discusses why FTX’s fall from grace is likely to “open up a more robust” debate surrounding regulation for exchanges in future. U.S. Rep. Jim Himes of Connecticut weighs in.

By Fran VelasquezNov 9, 2022

Official Portrait of Congressman Jim Himes, 113th Congress/Kristin Smith from the Blockchain Association (House.gov/Kristin Smith)

Finance

Alameda Research, FTX Ventures Websites Go Dark

The websites were either taken down or made private only a day after news broke that Binance had signed a letter of intent to purchase its cash-strapped rival exchange.

By Cheyenne LigonNov 9, 2022

Former CEO of FTX Sam Bankman-Fried (Alex Wong/Getty Images)

Finance

Most of FTX's Legal and Compliance Team Quit: Report

Semafor, a news organization in which FTX's Sam Bankman-Fried invested, cites people familiar with the matter.

By Nick BakerNov 9, 2022

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

Videos

Bitcoin Falls to $17K Level on FTX Contagion Fears

"Sam Bankman-Fried was very much the Jamie Dimon of crypto," says Defiance ETFs CEO Sylvia Jablonski. "When you see a major player on what feels like the verge of collapse ... it destroys the confidence of investors," she adds, explaining bitcoin (BTC)'s fall to $17,000 following the news of a potential Binance-FTX merger.

Nov 9, 2022

Videos

Rep. Jim Himes Reacts to FTX Fallout

Newly re-elected Congressman Jim Himes reacts to the possible Binance takeover of FTX, given Sam Bankman-Fried's role as a large donor in this election cycle. "He spent a lot of time on Capitol Hill in a really important role ... educating the Congress," Himes says of Bankman-Fried. Plus, Himes compares the FTX fallout to the "ultimate meltdown" of the internet in the early 2000s.

Nov 9, 2022