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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
Sam Bankman-Fried Used Mackerel to Pay For a Haircut in Brooklyn Detention Center: WSJ
SBF was also seen giving crypto tips to prison guards, WSJ reported.
Sam Bankman-Fried's Trial May Be Over, but The Bahamas Is Living Its Own Trial
Bankman-Fried may have been convicted, but The Bahamas appears to be dealing with the stigma of rolling out a red carpet for FTX.
How the Crypto Sector Has Changed After Sam Bankman-Fried's Conviction
"The Cryptopians" author and "Unchained" podcast host Laura Shin weighs in on how the crypto industry has changed since the collapse of FTX and the recent conviction of the exchange's founder Sam Bankman-Fried. "The crypto community turned against Sam once they realized that some legislation that he was championing in Congress would benefit centralized actors," Shin said. After the collapse of FTX, she heard from entrepreneurs that "they really learned their lesson."
Cathie Wood Speculates About SEC's Prior Rejections of Spot ETF Applications
"The Cryptopians" author and "Unchained" podcast host Laura Shin discusses the latest headlines shaping the crypto industry, including FTX founder Sam Bankman-Fried's conviction and institutional interest growing within the digital assets space. This comes as ARK Invest CEO Cathie Wood said on CNBC that it's hard to come up with a logical reason for why SEC Chair Gary Gensler is standing in the way of a spot bitcoin ETF.
A 20+ Year Sentence? Why the Evidence Against SBF Was Too Hard to Overcome
In this episode of Unchained, Laura does a detailed unpacking of the historic Sam Bankman-Fried trial and verdict with defense lawyer Sam Enzer and former Southern District of New York prosecutor Rich Cooper.
How Does a Tax Deduction Work if an Exchange Enters Bankruptcy?
As part of CoinDesk's Tax Week 2023, Miles Fuller, Head of Government Solutions at TaxBit, joins "First Mover" to explain how FTX founder Sam Bankman-Fried's guilty verdict could give some clarity for FTX customers waiting to figure out where they stand in the company's bankruptcy proceedings and the tax treatment of any losses incurred. "The taxpayer needs to be able to show that they lost their money due to theft," Fuller said. The conviction of Bankman-Fried is going to give the customers "the ammunition they need."
Tax Implications Following Sam Bankman-Fried's Conviction
As part of CoinDesk's Tax Week 2023, TaxBit Head of Government Solutions Miles Fuller discusses how the end of FTX founder Sam Bankman-Fried's trial could provide some clarity for FTX customers as to how the company’s bankruptcy might affect their taxes. However, how the IRS might act in the context of illegal activity remains unclear.
We've Seen the FTX Collapse Before
There are overwhelming similarities between the FTX and MF Global bankruptcies — and one big difference.
Solana Tokens Sees Risky Bets Increase After End of Sam Bankman-Fried Trial
Bonk took center stage in the Solana ecosystem in January as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX exchange debacle.
