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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Politiche

DOJ's Proposed 50-Year Sentence for Sam Bankman-Fried 'Disturbing,' FTX Founder's Lawyers Say

Bankman-Fried's defense team attacked prosecutors' lengthy prison term recommendation in a new letter Tuesday.

Di Nikhilesh De20 mar 2024

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

Politiche

FTX Users Describe 'Emotional Toll' From Bankruptcy in Letters to Judge Ahead of Sam Bankman-Fried's Sentencing

Bankman-Fried will be sentenced later this month.

Di Nikhilesh De19 mar 2024

FTX founder Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Politiche

Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ Says

The U.S. government also recommended an $11 billion fine and forfeiture.

Di Nikhilesh De, Jesse Hamilton15 mar 2024

FTX's Sam Bankman-Fried exiting a federal courthouse in New York last year. (Nikhilesh De/CoinDesk)

Video

'Kimchi Premium' Reaches Two-Year High

"Kimchi premium" refers to the difference in bitcoin prices on Korean exchanges compared to global exchanges – and bitcoin is currently trading at a 10% premium in South Korea. The arbitrage was popularized by Sam Bankman-Fried and involves buying bitcoin on a global exchange and then selling it on a Korean exchange for profit. CoinDesk's Jennifer Sanasie presents the "The Chart of the Day."

7 mar 2024

Politiche

Sam Bankman-Fried Doesn't Want to Go to Prison for 100 Years

Bankman-Fried's legal team brought 29 character references in pleading for a lenient sentence.

Di Nikhilesh De28 feb 2024

Sam Bankman-Fried (Nikhilesh De/CoinDesk)

Video

Bitcoin Pushes Through $60K on Bull Rally; What Should Sam Bankman-Fried's Sentence Be?

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as bitcoin (BTC) roared past the $60,000 level, hitting a two-year high since November 2021. Plus, court filings show that Sam Bankman-Fried’s attorneys requested a prison term of no more than 6.5 years for the convicted FTX founder. And, BlackRock's spot bitcoin ETF scored over $1.3 billion in daily trading volume for the second consecutive day.

28 feb 2024

Politiche

Sam Bankman-Fried Asks for 6.5 Year Prison Term After Conviction in FTX Collapse

Bankman-Fried's lawyers objected to the Presentence Investigation Report (PSR) which recommends a sentence of 100 years in prison calling it "grotesque."

Di Amitoj Singh, Nikhilesh De28 feb 2024

Politiche

FTX Estate Can Sell Near 8% Stake in AI StartUp Anthropic, Court Rules

The motion to sell around 7.84% of Anthropic that FTX held as of January 2024 had been filed in early February 2024.

Di Amitoj Singh23 feb 2024

John J Ray III took over as FTX CEO in November 2022 (House Committee on Financial Services)

Politiche

Sam Bankman-Fried Replaces Lawyers Ahead of Sentencing

Bankman-Fried replaced his former lawyers, Mark Cohen and Christian Everdale, as he’s headed into sentencing negotiations.

Di Helene Braun21 feb 2024

Finanza

Larry David Calls Himself an 'Idiot' for Doing Infamous FTX Super Bowl Ad

Sam Bankman-Fried's cryptocurrency exchange infamously collapsed months after the commercial.

Di Nick Baker1 feb 2024

Larry David on Super Bowl ad for Sam Bankman-Fried's FTX: 'Like an Idiot, I Did It' (Axelle/Bauer-Griffin/FilmMagic)