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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
Crypto Markets Entering the 'Depression' Phase Amid FTX Bankruptcy Filing
Following FTX's Chapter 11 bankruptcy filing and CEO Sam Bankman-Fried's resignation, bitcoin (BTC) immediately dipped to the $16,000 level. "There's likely more pain ahead before we can finally form a bottom," said Matt Weller, Forex.com Global Head of Research.
FTX Contagion Worries
FTX CEO Sam Bankman-Fried apologizes, but will investors get their funds back? That story and other news shaping the cryptocurrency world in this episode of "The Daily Forkast."
FTX Files for Bankruptcy Protections in US; Sam Bankman-Fried Resigns
Crypto exchange FTX announced that it is filing for Chapter 11 bankruptcy and Sam Bankman-Fried has stepped down from his role as CEO but will “remain to assist in an orderly transition.” CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De weighs in.
Scaramucci Says Investment Firm SkyBridge Is Exploring Buying Back Equity From FTX
FTX Ventures had a 30% stake in Anthony Scaramucci’s SkyBridge Capital.
Wintermute Ceased Trading and Moved Funds From Crypto Exchange FTX US Before Warning
The trading firm said earlier that it had stopped trading on FTX, a separate crypto exchange for international users, but some of its funds were stuck on the platform.
FTX's 'Effective Altruism' Future Fund Team Resigns
In an open letter, the team said it was unable to perform their work or process grants and have "fundamental questions" about the legitimacy and integrity of business operations.
Crypto's Sharp Declines in Price, Trading Volatility Could Be Worse
Contagion fears still exist, however, and regulators are look ready to sharpen their focus on crypto.
Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions
“The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity.
Legal Expert on What FTX's Collapse Means for Users
Crypto exchange FTX US – the U.S. wing of Sam Bankman-Fried's crypto trading empire – warned its users to close their positions as it might halt trading in the coming days. Keystone Law Partner Louise Abbott discusses the legal considerations of FTX's downfall and what they suggest about the fate of its users.
FTX Balances Fell 87% in 5 Days in Epic Crypto Deposit Run, Data Shows
A glance at data from Arkham Intelligence shows the behind-the-scenes operational reality that drove billionaire Sam Bankman-Fried's beleaguered FTX exchange to order a withdrawal halt this week. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.