Sam Bankman-Fried
Sam Bankman-Fried was once celebrated as a financial juggernaut and white knight of the cryptocurrency realm. He was considered a crypto wunderkind and was one of the richest and most influential figures in crypto and the blockchain industry. He was the Founder and CEO of FTX, one of the largest crypto exchanges in the world, and CEO of billion-dollar crypto market maker, Alameda Research. In November 2023, the FTX founder was found guilty of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the former billionaire's fall from grace. In the wake of FTX’s downfall, the exchange, Alameda Research and 130 affiliated companies under the banner of FTX Group filed for bankruptcy. In March 2024, Bankman-Fried was sentenced to 25 years in prison. The U.S. government also fined him $11 billion to pay fraud victims. The meteoric rise and tumultuous downfall of Sam Bankman-Fried serve as a stark reminder of the volatility and unpredictability that the world of cryptocurrencies inherently possesses.
Sam Bankman-Fried Professional Experience / Academic History
Professional Experience
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Founder and CEO
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Founder and CEO
Academic History
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B.S., Physics
RISE AND FALL OF FTX
As CEO, SBF's influence in the crypto industry was monumental, with acquisitions like Blockfolio and numerous interventions to salvage other crypto businesses.
At its peak, FTX amassed a valuation of roughly $32 billion. It was once heralded as the world’s third-largest cryptocurrency exchange by volume before its November 22 downfall.
In 2022, SBF and FTX came under investigation in the U.S. and other countries for securities violations as well as how the crypto exchange used $10 billion in customer funds to prop up its sister company, Alameda Research.
In 2023, he was convicted on all seven charges brought against him as the result of the collapse of FTX and its related companies.
ARREST AND TRIAL
In Dec. 2022, Bankman-Fried was arrested and charged with wire fraud, wire fraud conspiracy, securities fraud, security fraud conspiracy, money laundering and other charges.
In Dec. 2022, a federal judge decided to release him from custody with a $250 million bond payment, the largest in the history of American criminal proceedings. Among his bail conditions are that he resides at his parent’s home in California.
In Nov. 2023, he was found guilty by a 12-member jury in a Manhattan federal court following a month-long trial that exposed one of the largest financial frauds in history.
He was convicted on all seven counts, including charges of fraud and conspiracy. This verdict not only marked the downfall of a prominent figure but also served as a stark reminder of the challenges and risks that pervade the crypto landscape.
EARLY CAREER
After graduating from MIT, he spent 3 years as a Trader at the quantitative trading firm, Jane Street Capital.
At Jane Street, he specialized in arbitrage trading strategies focused on exchange-traded funds.
He founded the quantitative trading firm Alameda Research in November 2017, shortly after turning 25.
MEDIA & APPEARANCES
Bankman-Fried has been featured and profiled in various financial media outlets and publications, including Forbes, The New York Times, Fortune, Business Insider, Bloomberg, Time, Reuters, CNBC, Financial Times, The Economist, Wired, Fox Business, Yahoo! Finance, The Wall Street Journal, and more.
He has also been featured in CoinDesk, Cointelegraph, and The Block, among others.