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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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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.
The Downfall of Sam Bankman-Fried’s FTX: The Industry Reacts
Tech, market and regulatory experts weigh in on a possible Binance acquisition of what was once one of crypto’s most influential exchanges.
Alameda, In Eye of Crypto Storm, Takes $37M of Wrapped Bitcoin Off FTX.US Exchange
The purpose of the token movements is unclear, and the amount likely a small portion of the overall firm's holdings, but the observation shows Alameda scrambling to arrange its finances – using the Ethereum blockchain.
Bitcoin Drops to 23-Month Low; Galaxy Digital Reveals $76.8M FTX Exposure
Bitcoin (BTC) dropped to a new 23-month low as crypto traders processed the news that Binance might not buy rival FTX after all. Bloomberg reports U.S. securities and commodities regulators are probing whether FTX.com correctly managed client funds, despite statements by the ailing crypto exchange’s CEO, Sam Bankman-Fried, that all customer holdings were covered.
Binance Walks Away From Deal to Acquire FTX
A spokesperson for the crypto exchange said FTX's issues "are beyond our control or ability to help."
Why Is Crypto Tanking: The FTX-Binance Drama Explained
The world’s largest crypto exchange, Binance reversed course on a plan to bail out competitor FTX in an event that has shocked the crypto industry and is catching the attention of regulators.
Binance-FTX Deal Will Bring Regulatory 'Scrutiny’ on Crypto Exchanges: Blockchain Association’s Kristin Smith
The executive director discusses why FTX’s fall from grace is likely to “open up a more robust” debate surrounding regulation for exchanges in future. U.S. Rep. Jim Himes of Connecticut weighs in.
Alameda Research, FTX Ventures Websites Go Dark
The websites were either taken down or made private only a day after news broke that Binance had signed a letter of intent to purchase its cash-strapped rival exchange.
Most of FTX's Legal and Compliance Team Quit: Report
Semafor, a news organization in which FTX's Sam Bankman-Fried invested, cites people familiar with the matter.
