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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Opinion

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.

By Daniel KuhnNov 9, 2022

Former FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)

Markets

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.

By Krisztian SandorNov 9, 2022

Blockchain transaction data showing Alameda Research moving $37 million of wrapped bitcoin off the FTX.US crypto exchange. (Arkham intelligence)

Podcasts

Bitcoin Dips Below $17K as Binance Said to Waver on FTX Deal, NFL Legend Tom Brady Caught in FTX Fallout

By William Foxley, Zack Seward, Jennifer Sanasie, Wendy ONov 9, 2022

Videos

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.

Nov 9, 2022

Finance

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."

By Kevin ReynoldsNov 9, 2022

Finance

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.

By Sam KesslerNov 9, 2022

The last two days have generated plenty of drama in the crypto world. (Anton Petrus/Getty Images)

Podcasts

Twitter Spaces: Binance-FTX Deal – The Domino Effect

By Michael J. CaseyNov 9, 2022

Finance

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.

By Fran VelasquezNov 9, 2022

Official Portrait of Congressman Jim Himes, 113th Congress/Kristin Smith from the Blockchain Association (House.gov/Kristin Smith)

Finance

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.

By Cheyenne LigonNov 9, 2022

Former CEO of FTX Sam Bankman-Fried (Alex Wong/Getty Images)

Finance

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.

By Nick BakerNov 9, 2022

Sam Bankman-Fried, CEO de FTX. (Stefani Reynolds/Bloomberg via Getty Images)