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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Binance to Sell Rest of FTX Token Holdings as Alameda CEO Defends Firm's Financial Condition

Alameda's CEO offered to buy Binance's FTT token holdings for $22 apiece.

By Tracy Wang, Oliver KnightNov 6, 2022

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

Videos

Why Today's Crypto Meltdown Is Comparable to the Panic of 1907

Frances Coppola, CoinDesk columnist, compares today's crypto meltdown to the Panic of 1907, a crisis that pre-dates the creation of the U.S. Federal Reserve. "In 1907, it was very much an individual within the financial system who was responsible for backing everything up," she says, referencing FTX CEO Sam Bankman-Fried.

Nov 3, 2022

Finance

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

Alameda had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed. Much of it is the FTT token issued by FTX, another Bankman-Fried company.

By Ian AllisonNov 2, 2022

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

Opinion

Crypto’s 1907 Moment

Financial stability ultimately depends on the trustworthiness of people, not the reliability of technology.

By Frances CoppolaNov 1, 2022

New York, 1907 (New York Public Library via Wikimedia Commons)

Policy

Can Crypto Buy a Seat in Congress?

In the U.S. primaries, crypto millions sometimes failed to show much effect at all, though industry donors may claim credit in a few key wins on the road to the midterms.

By Jesse HamiltonOct 31, 2022

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

Videos

The Future of US Crypto Regulation

CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De reacts to the debate between FTX CEO Sam Bankman-Fried and ShapeShift CEO Erik Voorhees. Plus, update on the status of DCCPA, Lummis-Gillibrand bill and DCEA.

Oct 31, 2022

Videos

Cryptocurrency Exchange FTX ‘Likely’ to Create a Stablecoin: Report

FTX CEO Sam Bankman-Fried told The Big Whale in an interview that the crypto exchange “is very likely" to create a stablecoin. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De discusses what kind of stablecoin it could be and the exchange’s moves in a bear market.

Oct 27, 2022

Finance

Crypto Exchange FTX Is Working on Creating a Stablecoin: Report

FTX CEO Sam Bankman-Fried also ruled out a potential acquisition of popular trading app Robinhood.

By Oliver KnightOct 27, 2022

Videos

What Is Dollar-Cost Averaging?

As part of CoinDesk's Trading Week, Swan Bitcoin CEO Cory Klippsten discusses how dollar-cost averaging works and why it may be better for your crypto portfolio. Plus, Klippsten shares his outlook for crypto regulation on the heels of a proposal from FTX's Sam Bankman-Fried.

Oct 25, 2022

Videos

'This Is a One-Time Thing,' FTX to Reimburse Victims of API Phishing

Cryptocurrency exchange FTX has agreed to compensate victims of this weekend's phishing attack with as much as $6 million, according to the exchange's CEO, Sam Bankman-Fried. "The Hash" panel discusses SBF's stance on reimbursing victims of crypto scams and exploits, and the increasing scams in the crypto space.

Oct 24, 2022