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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Turkish Authorities Order Seizure of 'Suspicious' FTX Assets

The country's Financial Crimes Investigation Board says Sam Bankman-Fried is also under investigation.

By Sandali HandagamaNov 25, 2022

The collapse of crypto exchange FTX under Sam Bankman-Fried raises the issue of proofs of reserve. (CoinDesk)

Videos

Sam Bankman-Fried Scrutiny Ramps Up; Bitcoin Wallet of Failed BTC-e Exchange Wakes Up

Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) said in a letter to Attorney General Merrick Garland they want Sam Bankman-Fried and others investigated for FTX's collapse. Plus, a crypto wallet linked to the failed BTC-e exchange sent a total of 10,000 bitcoins to two unidentified recipients, its largest transaction since August 2017.

Nov 23, 2022

Videos

Binance.US Leans Into National Politics With New Campaign PAC

Binance.US is stepping into national politics with its own political action committee (PAC), the Binance.US Innovation PAC. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De discusses what this means for crypto's role in politics as FTX and its former CEO Sam Bankman-Fried vanish from U.S. policy circles.

Nov 23, 2022

Videos

Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter

FTX’s former CEO Sam Bankman-Fried apologized to the crypto exchange’s employees and revealed the amount of leverage in an internal letter. "I froze up in the face of pressure,” Bankman-Fried wrote. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De breaks down the contents of the letter.

Nov 23, 2022

Finance

Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter

The former FTX CEO did not address concerns about customer funds being misappropriated or other recent revelations about the company.

By Nikhilesh DeNov 22, 2022

Sam Bankman-Fried y Bill Clinton en la conferencia Crypto Bahamas en Nassau en abril de 2022. (Danny Nelson/CoinDesk)

Videos

Bankman-Fried's FTX Empire Holds $1.2B Cash Reserves; Senators Ask Fidelity to Reconsider Bitcoin 401(k)

Sam Bankman-Fried's FTX empire has $1.2 billion in cash as of Nov. 20, far below the $3.1 billion it owes its top 50 creditors. Fidelity should reconsider allowing retail clients exposure to bitcoin in their retirement accounts in light of the FTX collapse, said three Democratic senators in a letter on Monday. Bitcoin miner Core Scientific (CORZ) ended October with $32.2 million in cash and 62 BTC ($975,000), reiterating it may run out of money before the end of the year.

Nov 22, 2022

Podcasts

Crypto Update | What Investors and Accountants Missed in FTX’s Audits (Pt. 1)

By Adrian Blust, Adam B. LevineNov 22, 2022

Weekend Story | The Short-Sightedness of Run-Amok Regulators

Videos

On-Chain Data Shows the Close Ties Between FTX and Alameda: Nansen

On-chain traces of FTT token transactions since 2019 show the "very, very connected" ties of both Sam Bankman-Fried's companies – Alameda Research and FTX. Nansen Analyst Niklas Polk dissects the data.

Nov 22, 2022

Layer 2

Who Is Alameda's Former co-CEO Sam Trabucco?

The former co-CEO of Alameda Research took steps to distance himself from the firm before and after announcing his departure.

By Xinyi Luo, Daniel KuhnNov 22, 2022

Former Alameda Research co-CEO, Sam Trabucco (Alameda Research)

Layer 2

Who Is Gary Wang, the Mysterious Co-Founder of FTX and Alameda?

Not much is known about Bankman-Fried’s close confidant – the co-founder of both FTX and Alameda Research.

By Xinyi LuoNov 22, 2022