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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
Here's the Sam Bankman-Fried Trial Schedule
The court will only meet four days most weeks, the calendar shows.
What Could Sam Bankman-Fried’s Jury Possibly Look Like?
As Sam Bankman-Fried's trial approaches on Oct. 3, CoinDesk TV producers asked people in New York City what they know about about FTX collapse and the exchange's founder. Bankman-Fried's jury will include randomly selected New York residents, so interviewees explained their perceptions regarding the case.
Judge Denies Temporary Release For Sam Bankman-Fried, Suggests He Could Face 'Very Long Sentence'
Bankman-Fried’s lawyers had requested that he be released for the duration of his trial to ensure that he is able to review material and speak with his counsel.
FTX Bankruptcy Claims Soar in Value in Over-the-Counter Markets as Estate Recovers $7.3B
One top distressed-debt investor describes FTX claims as the “hottest ticket in town.”
2 Small Wins For Sam Bankman-Fried
Bankman-Fried had a few small wins in court, but his big challenge – securing a temporary release – may be decided later today.
U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'
The FTX founder's defense team asked for Bankman-Fried to be released into his attorneys' custody during the trial.
Sam Bankman-Fried’s Biggest Grift? His ‘Best In Class’ Exchange
Never mind the alleged fraud. The centerpiece of the FTX empire – the exchange – really wasn’t that good, traders say.