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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
FTX Founder Sam Bankman-Fried Arrested in the Bahamas
U.S. authorities filed criminal charges against Bankman-Fried, and the Bahamas intends to extradite him once U.S. officials request it.
Road Ahead for Bitcoin Next Year
BTCM Chief Economist Youwei Yang discusses his outlook for bitcoin (BTC) ahead of FTX co-founder Sam Bankman-Fried testifying before U.S. lawmakers Tuesday. Plus, insights into recent Brazil regulation to legalize bitcoin payments.
Blockchain Association Exec on FTX Fallout, Future of Crypto
Sam Bankman-Fried’s political donations worth at least $73 million could be clawed back to repay FTX creditors. Meanwhile, Bankman-Fried is expected to testify before Congress Tuesday. Blockchain Association Executive Director Kristin Smith discusses the latest developments in FTX's bankruptcy and where crypto regulation could be headed in 2023.
Do Kwon Reportedly in Serbia; Future of FTX’s Political Donations
U.S. prosecutors are considering criminal charges against crypto exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reports. Do Kwon, wanted internationally in connection with Terra's collapse, has moved to Serbia through Dubai, according to CoinDesk Korea. And Bloomberg reports that at least $73 million of political donations tied to Sam Bankman-Fried’s FTX may be at risk of being clawed back.
FTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House Testimony
FTX CEO John Ray III is scheduled to testify before the House Financial Services Committee on Tuesday.
10 Questions for FTX CEO John J. Ray III From a Securities Lawyer
In his recent media tour, disgraced founder Sam Bankman-Fried claims he did not commit fraud. Someone that still has access to FTX and Alameda Research’s accounts could prove otherwise.
Ex-Alameda CEO Hires Former SEC Crypto Regulator as Lawyer: Bloomberg
Caroline Ellison, former CEO of Alameda Research, has hired a former U.S. Securities and Exchange Commission (SEC) official as her lawyer in the federal probe into crypto exchange FTX’s collapse, according to Bloomberg. "The Hash" panel discusses the latest in the fall of Sam Bankman-Fried's crypto empire.
US Prosecutors Mull Charging Binance on Possible Money Laundering Violations: Reuters
Reuters reports that some U.S. prosecutors are considering charging crypto exchange Binance and its executives for possible money laundering and sanctions violations. Binance tweeted in response to the article, "Reuters has it wrong again." Meanwhile, FTX co-founder Sam Bankman-Fried is set to speak before lawmakers this week. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details.