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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Policy

Ex-FTX Executive Ryan Salame Could Forfeit $1.5B as Part of Guilty Plea

Salame admitted to being a "straw donor” to secretly funnel millions of dollars to Republican political candidates while Bankman-Fried donated to Democrats.

By Sam KesslerSep 7, 2023

Ryan Salame leaving a New York courthouse on Sept. 7, 2023. (Sam Kessler/CoinDesk)

Policy

Former FTX Executive Ryan Salame Will Plead Guilty to Charges: Bloomberg

Ryan Salame was co-CEO of FTX Digital Markets and handled political donations for the crypto exchange.

By Nick BakerSep 7, 2023

The streets are clear outside the U.S. Court for the Southern District of New York (Dustin D.)

Videos

Grayscale Fires Back at SEC; Coinbase Eyes Large Institutional Investors

"CoinDesk Daily" host Jennifer Sanasie takes a closer look at the hottest crypto stories today, including what Grayscale said to the SEC about wanting to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. Grayscale and CoinDesk are both owned by DCG. Coinbase is creating a new crypto lending service in the U.S. for institutional clients. And, an update on FTX founder Sam Bankman-Fried and his computer access ahead of his trial in October.

Sep 6, 2023

Videos

FTX's Sam Bankman-Fried Has Access to a Laptop Seven Days a Week, DOJ Says

The U.S. Department of Justice said in a letter that Sam Bankman-Fried has access to a laptop seven days a week and three hard drives with defense material at all times. CoinDesk's global policy and regulation managing editor Nikhilesh De breaks down the back-and-forth arguments over computer access between prosecutors and lawyers for the jailed FTX founder.

Sep 6, 2023

Policy

Sam Bankman-Fried's Laptop Has a New Battery Now, DOJ Says

A joint letter filed Tuesday details the amount of access the FTX founder has to discovery material.

By Nikhilesh DeSep 5, 2023

Sam Bankman-Fried outside court in July 2023. (Nikhilesh De/CoinDesk)

Videos

DOJ Argues Super Bowl Ad Featuring Comedian Larry David Casts Doubt on FTX.US Separation

FTX ads featuring comedian Larry David and football star Tom Brady show a blurring between bankrupt crypto exchange FTX's U.S. and international businesses, the U.S Department of Justice said Friday. CoinDesk regulatory reporter Jack Schickler discusses the latest developments ahead of Sam Bankman-Fried's fraud trial in October.

Sep 5, 2023

Policy

Larry David’s Super Bowl Ad Casts Doubt on FTX.US Separation, DOJ Says

Sam Bankman-Fried says the FTX exchange’s bankruptcy isn’t relevant ahead of his October fraud trial.

By Jack SchicklerSep 4, 2023

Larry David's FTX Super Bowl ad has been brought up ahead of Sam Bankman-Fried's criminal trial. (Matt Winkelmeyer/Getty Images)

Finance

Robinhood to Buy Back Sam Bankman-Fried's Stake for $605.7M

The 55 million HOOD shares were owned by Sam Bankman-Fried and fellow FTX co-founder Gary Wang through Emergent Fidelity Technologies

By Jamie CrawleySep 1, 2023

Robinhood app on a smartphone (Shutterstock)

Videos

Sam Bankman-Fried Lawyers Told Judge They ‘Need’ Him Out of Jail Ahead of Trial

Sam Bankman-Fried’s lawyers said in a Wednesday hearing that they "need" the FTX founder to be released temporarily from jail for his legal defense work, but the defense team failed to win any major concessions. CoinDesk's global policy and regulation managing editor Nikhilesh De breaks down the scenes at the hearing.

Aug 31, 2023

Policy

Sam Bankman-Fried Lawyers ‘Need’ Him Out Of Jail Ahead of Trial, They Tell Judge

The former FTX CEO-turned criminal defendant's team said they have “no faith” in prosecutors’ claimed efforts to address his jailhouse woes.

By Danny Nelson, Helene BraunAug 30, 2023