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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Finance

NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Investment

A tarnished record after coming out of retirement, a divorce and now a wipeout of the strategic investment in FTX. It has been a rough year for the seven-time Super Bowl champion.

By Sam ReynoldsNov 9, 2022

Sam Bankman-Fried and Tom Brady at Crypto Bahamas conference in Nassau in April 2022 (Danny Nelson/CoinDesk)

Markets

These Four Key Charts Shed Light on the FTX Exchange's Spectacular Collapse

Nansen’s on-chain metrics suggest several reasons why FTX decided to sell itself to Binance.

By Sage D. YoungNov 9, 2022

Obra de IA sobre el colapso. (DALL-E/CoinDesk)

Policy

FTX’s Push for US Crypto Clearing Left In Suspense by Binance Deal

The fate of FTX U.S. Derivatives’ application for the authority to clear customers’ crypto transactions – a potential game changer in U.S. markets – is now unclear.

By Jesse HamiltonNov 8, 2022

Sam Bankman-Fried (Jesse Hamilton/CoinDesk)

Markets

Crypto Markets Take a Wild Ride Following Surprise Binance/FTX Deal

Investors are seeking answers to a multitude of questions about the mega deal involving the two crypto exchanges. Will price volatility continue beyond Tuesday?

By Glenn Williams Jr.Nov 8, 2022

Changpeng Zhao ,CEO of Binance, at Consensus Singapore 2018 (CoinDesk)

Finance

'Pharma Bro' Martin Shkreli to LUNA's Do Kwon: 'Jail Is Not That Bad'

The crypto villians discussed the impending FTX-Binance deal on the UpOnly podcast on Tuesday.

By Cheyenne Ligon, Tracy WangNov 8, 2022

Martin Shkreli and Do Kwon discuss FTX insolvency fallout on UpOnly podcast livestream. (UpOnly)

Opinion

The Story of Sam Bankman-Fried’s Backroom Deal With Binance’s CZ

Binance, after exacerbating a bank run on rival crypto exchange FTX, offered to buy out the jewel in SBF's crown.

By Daniel KuhnNov 8, 2022

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

Finance

Sam Bankman-Fried No Longer a Billionaire After $14.6B Wipeout: Bloomberg

The FTX CEO lost an estimated $14.6 billion dollars – nearly 94% of his total wealth – according to the Bloomberg Billionaire Index.

By Cheyenne LigonNov 8, 2022

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

Markets

FTX/Alameda Questions Hold the Spotlight as US Midterm Election, Inflation Data Loom

A drop below $22 could mean a more significant ride down for FTT.

By Glenn Williams Jr.Nov 7, 2022

FTX CEO Sam Bankman-Fried (Craig Barritt/Getty Images)

Videos

Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

FTX CEO Sam Bankman-Fried is denying insolvency rumors plaguing the crypto exchange, tweeting in part "FTX has enough to cover all client holdings." This comes after CoinDesk revealed the balance sheet of FTX's sister company Alameda Research was loaded with FTX's native exchange token FTT. Binance CEO Changpeng "CZ" Zhao, a sizable owner of FTT, said his exchange would begin liquidating any remaining FTT it held on its books. CoinDesk Deputy Managing Editor Tracy Wang discusses the developments.

Nov 7, 2022