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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
El imperio caído de Sam Bankman-Fried posee US$1,2B de reservas en efectivo
El exchange de criptomonedas en quiebra debe alrededor de US$3100 millones a sus 50 acreedores principales.
Bitcoin Falls Below $16K; Coinbase Hits Lowest Price Since Going Public
Shares of Coinbase (COIN) hit their lowest price since the the U.S.-based cryptocurrency exchange went public in April 2021. The Grayscale Bitcoin Trust (GBTC) is drawing market attention after sister company Genesis Global Capital said its lending unit would halt customer withdrawals in the wake of the collapse of Sam Bankman-Fried’s FTX crypto empire, Bernstein said in a research report Monday.
Crypto Markets Are Suffering – but Is It Really ‘Contagion’?
Sure, this crypto credit contagion is bad, but it’s unlikely to spread to other markets.
Crypto Market Analysis: Roller-Coaster Week Ends With Bitcoin Volatility Falling
ALSO: This week’s Fed commentary provided something for doves, hawks and those in between. BTC and USD move in tandem.
Sam Bankman-Fried Cashed Out $300M in Previous Funding Round: Report
In a previously undisclosed detail, most of the $420 million raised in October 2021 went directly to Bankman-Fried, according to the Wall Street Journal.
Twitter Spaces: Crypto’s Lehman Moment, What FTX Means for DeFi
How will FTX’s collapse fuel the case for decentralized finance?
Crypto’s Very Human Fatal Flaw: Hero Worship
Misplaced admiration of Sam Bankman-Fried, prior to the FTX collapse, was a natural tendency. To move forward, we must recognize this vulnerability and safeguard with appropriate regulation.
Legal Expert on Bankrupt FTX's 'Corporate Failings'
In a series of bankruptcy court filings, new FTX CEO John J. Ray III said the crypto exchange's corporate control under his predecessor, Sam Bankman-Fried, was a "complete failure." Daniel Gwen, counsel for Ropes & Gray's business restructuring group, discusses the fallout of bankrupt crypto exchange FTX and possible next steps.