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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Videos

FTX Aims to Claw Back $400M From a JPMorgan Account: Report

FTX company insiders, including Sam Bankman-Fried, former Alameda CEO Caroline Ellison, Bankman-Fried's father Joseph Bankman, Gary Wang and Nishad Singh have been served subpoenas by bankruptcy administrators. This comes as FTX's new leadership is trying to claw back $400 million from a little-known hedge fund investment, according to a report from the New York Times. CoinDesk regulatory reporter Amitoj Singh weighs in on the latest FTX developments.

Feb 15, 2023

Markets

Sam Bankman-Fried, Caroline Ellison, Other Company Insiders Subpoenaed by FTX for Documents

The subpoenas come after a U.S. judge overseeing bankruptcy proceedings gave a green light to FTX's Official Committee of Unsecured Creditors and its leadership to serve the insiders.

By Sam ReynoldsFeb 15, 2023

Sam Bankman-Fried outside U.S. District Court on Feb. 9, 2023 (Liz Napolitano/CoinDesk)

Videos

SBF's Super Bowl VPN Use Sparks Government Concern

Sam Bankman-Fried, founder of collapsed crypto exchange FTX, has been using a virtual private network (VPN) to access the internet, potentially prompting a further clampdown on his bail conditions, according to the U.S. prosecutors. In a response dated Feb. 14, Bankman-Fried’s attorney Mark Cohen said he had the VPN to watch playoffs in the National Football League (NFL), and the Super Bowl, via an international subscription. "The Hash" panel discusses the latest from SBF and the implications of FTX's bankruptcy process.

Feb 14, 2023

Videos

Attorney Behind Lawsuit Against FTX Weighs In on Celebrity Endorsements

The Moskowitz Law Firm Managing Partner Adam Moskowitz explains why his firm is turning its attention to celebrity promoters of bankrupt crypto exchange FTX, saying, "these are no brainer cases." CoinDesk reached out for comment to Sam Bankman-Fried, along with Latham & Watkins, the firm which represents FTX celebrity endorsers, including Tom Brady and Larry David, and did not hear back.

Feb 14, 2023

Policy

Sam Bankman-Fried’s Super Bowl VPN Use Prompts Government Concern

U.S. prosecutors worry he could use the privacy tool to access foreign crypto sites or the dark web while on bail.

By Jack SchicklerFeb 14, 2023

Policy

CFTC Case Against Sam Bankman-Fried Postponed Until After Criminal Trial

The request to stay the SEC’s civil case against Bankman-Fried is still pending.

By Nelson WangFeb 13, 2023

Sam Bankman-Fried outside court on Feb. 9, 2023 (Liz Napolitano/CoinDesk)

Videos

Kraken Agreed to Shutter Crypto-Staking Operations To Settle SEC Charges: Source; Sam Bankman-Fried Developments

Kraken has agreed to shut its cryptocurrency-staking operations to settle charges with the U.S. Securities and Exchange Commission (SEC), according to an industry source briefed on the matter. Plus, at a hearing in New York on Thursday, Judge Lewis Kaplan indicated that he was concerned about Sam Bankman-Fried’s ability to hide or delete his communications.

Feb 9, 2023

Policy

Sam Bankman-Fried’s Lawyers Propose Installing Monitoring Software on His Phone

At a hearing in New York on Thursday, Judge Lewis Kaplan indicated that he was concerned about Bankman-Fried’s ability to hide or delete his communications.

By Cheyenne Ligon, Elizabeth NapolitanoFeb 9, 2023

Finance

Robinhood Board Authorizes Purchase of Shares Bought by FTX’s Sam Bankman-Fried, Gary Wang

The online brokerage firm is planning to buy most or all of the 55 million shares previously owned by holding company Emergent Fidelity Technologies.

By Nelson WangFeb 8, 2023

Videos

FTX Bankruptcy Judge Allows Company to Subpoena Bankman-Fried; Craig Wright Loses Bitcoin Copyright Claim in UK Court

U.S. Judge John Dorsey ordered that FTX's new leadership and its official creditor committee can subpoena the crypto exchange's founders and former executives, including Sam Bankman-Fried. Plus, the file format of the Bitcoin blockchain can’t be protected by copyright, a U.K. judge has found, ruling against self-proclaimed inventor Craig Wright.

Feb 8, 2023