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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
Criminal Defense Attorney Explains Why Sam Bankman-Fried's Legal Strategy Could 'Fail'
In opening statements yesterday, prosecutors said Sam Bankman-Fried's crypto empire was a "house of cards" that was "built on a lie," while the defense claimed the FTX founder acted in good faith. ZFZ Law co-founder Michael Zweiback discusses his take on the trial and why the defense shifting the blame to ex-Alameda CEO Caroline Ellison could turn into a doomed strategy.
Michael Lewis Details Rise and Fall of Sam Bankman-Fried's Crypto Empire in 'Going Infinite'
A new book titled, "Going Infinite: The Rise and Fall of a New Tycoon" is written by Michael Lewis and focuses on FTX founder Sam Bankman-Fried's crypto empire. CoinDesk executive director of global content Emily Parker discusses the key takeaways and revelations.
FTX's Sam Bankman Fried Likely Facing 'Bernie Madoff Type of Sentence,' Attorney Says
ZFZ Law co-founder Michael Zweiback discusses his prediction on the outcome of Sam Bankman-Fried trial that started earlier this week and why there could be "a Bernie Madoff type of sentence." Zweiback added, "I think he's going to be collecting social security by the time he does get out."
FTX Employees Knew About the Backdoor to Alameda Months Before Collapse: WSJ
The employees flagged their discovery to one of FTX's director of engineering Nishad Singh but the problem never got fixed.
Unpacking the First Day of Sam Bankman-Fried's Actual Trial
Two witnesses testified how FTX seemed safe – and really wasn’t, backing the Department of Justice’s opening argument.
Sam Bankman-Fried’s Two Multimillion-Dollar Jets May Be Forfeit, DOJ Says
The assets, whose ownership is in dispute, could potentially be used to pay back creditors of FTX.
Sam Bankman-Fried ‘Lied,’ DOJ Tells Jury; Defense Tries to Pin FTX Collapse on Caroline Ellison
“He poured money – other people’s money – into investments to make himself even richer,” the prosecutor said in opening arguments.
XRP Rallies After Judge Rejects SEC’s Attempt to Appeal Ripple Ruling; Second Day of SBF Trial Underway
"CoinDesk Daily" host Jennifer Sanasie breaks down the hottest crypto headlines today, including what to expect on day two of FTX founder Sam Bankman-Fried's criminal trial. What are the next steps after a federal judge dismissed the SEC's efforts to appeal the Ripple ruling? Plus, a crypto-friendly lawmaker takes control of the U.S. House of Representatives.
Ex-Alameda Engineer: It Was 'Business as Usual' Until FTX's Crypto Empire Implosion
FTX founder Sam Bankman-Fried's criminal trial is underway. Former Alameda Research engineer Aditya Baradwaj shares insights working at Alameda before its collapse and what it was like to work with ex-Alameda Research CEO Caroline Ellison. "It pretty much seemed like business as usual right up until the very end," Baradwaj said. "We had no reason to believe anything was going on."
