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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
Bankman-Fried Praises Regulators Hours After Saying 'F*** Regulators'
Icarus keeps live-tweeting his fall from the Firmament.
FTX Employees Were Encouraged to Keep Life Savings in the Now-Bankrupt Exchange, Sources Say
Sources told CoinDesk that FTX was used as a bank by many of its employees. Now, their money is probably gone.
Sam Bankman-Fried's Frequent Commenting Draws Icy Response From FTX's Restructuring Chief
John Ray's statement on Twitter stressed that SBF no longer speaks on behalf of the exchange and affiliated companies.
Temasek to Write Off up to $300M Invested in FTX; House Committee to Hold Hearing on FTX Collapse
Genesis Global Trading's lending arm is temporarily suspending redemptions and new loan originations. Singapore's state investment fund Temasek is preparing to write off between $200 million and $300 million invested in FTX. The House Financial Services Committee will hold a hearing into FTX next month. Sam Bankman-Fried, Tom Brady and other FTX promoters have been sued. Genesis and CoinDesk both operate under Digital Currency Group.
Have Crypto Markets Reached Bottom?
Investors maintain confidence in crypto, but are anxiously eyeing developments that could sink prices further.
US Crypto Investors Sue FTX’s Sam Bankman-Fried, Company’s Celebrity Endorsers
The plaintiffs in a class-action suit claim that the heavily-marketed FTX yield-bearing crypto accounts were actually a Ponzi scheme.
Ex-FTX CEO Sam Bankman-Fried Continues to Engage Public via Twitter
Following a series of curious one-letter tweets over the past couple of days, Sam Bankman-Fried, former CEO of crypto exchange FTX, has returned to typing out full sentences and can't seem to stay off of Twitter. "The Hash" panel discusses the latest in FTX's collapse and the role of social media.
Arca CIO on Crypto Outlook After FTX Collapse
Cryptocurrencies are trading in sync following the collapse of Sam Bankman-Fried's FTX exchange while U.S. stocks remain unfazed. Arca CIO Jeff Dorman discusses the collateral damage of FTX’s bankruptcy and his markets outlook in a crypto winter.