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 SBF was arrested in December 2022, and his bail was revoked due to alleged witness tampering.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

Markets

FTX to Pay Over $5B to Creditors as Bankrupt Estate Gears Up for Distribution

Payouts of up to 120% begin May 30 for thousands of creditors, just as U.S. regulators warm to crypto and the industry stages a comeback.

By Shaurya MalwaMay 16, 2025

Policy

Trump's Pick to Run SEC Paul Atkins Promises New Crypto Stance, Gets Few Questions

Former SEC Commissioner Paul Atkins testified in a confirmation hearing beside Trump's OCC nominee, Jonathan Gould, though crypto wasn't a central topic.

By Jesse HamiltonMar 27, 2025

Paul Atkins has been confirmed by the Senate to take over the Securities and Exchange Commission as chairman. (Senate Banking Committee)

Policy

SBF Pardon Plea Tour Continues With Tucker Carlson Podcast Appearance

The former CEO of FTX claimed that he had a better relationship with the Republican Party in the lead-up to his exchange's downfall.

By Tom Carreras, Cheyenne LigonMar 6, 2025

FTX CEO Sam Bankman-Fried (Jesse Hamilton/CoinDesk)

Policy

FTT Briefly Spikes After Sam Bankman-Fried Tweets for First Time in 2 Years

Bankman-Fried is currently in the Metropolitan Detention Center, serving a 25-year prison sentence.

By Nikhilesh DeFeb 25, 2025

Sam Bankman-Fried (right) exits the courtroom in Manhattan after a hearing on July 26, 2023. (Nikhilesh De/CoinDesk)

Policy

Private Jets, Political Cash Among $1B in Sam Bankman-Fried's Forfeited Assets: Court

A federal court confirmed the final tally of SBF assets the government staked a claim to, including $606 million in Robinhood stock sales and two private jets.

By Jesse HamiltonFeb 19, 2025

Former FTX CEO Sam Bankman-Fried (Jesse Hamilton, modified by CoinDesk)

Policy

FTX Sues Binance, Former CEO CZ for $1.8B

The filing alleges that FTX was already insolvent and the FTT tokens used in a share repurchase transaction were worthless, and therefore the transfer should be classed as fraudulent

By Jamie CrawleyNov 11, 2024

Binance's former CEO, Changpeng "CZ" Zhao (Photos from Smorshedi/Wikimedia Commons and CoinDesk/Flickr, modified by CoinDesk)

Videos

North Korea Is Infiltrating the Crypto Industry; Diddy Hires Sam Bankman-Fried’s Appeal Lawyer

"CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today, as a CoinDesk investigation reveals that crypto firms are unknowingly hiring IT workers from North Korea. Plus, Sean “Diddy” Combs has hired the lawyer who handles Sam Bankman-Fried's appeal and Bitwise registered a trust entity in the state of Delaware, taking a first step at an XRP ETF.

Oct 2, 2024

Videos

Will Mayor Adams Join Sam Bankman-Fried and Diddy in Prison?; Crypto Hacks in Q3

"CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today, as the indictment of New York Major Eric Adams stirs up speculations of whether he could join Sam Bankman-Fried and Sean "Diddy" Combs in the Brooklyn detention center. Plus, Immunefi releases a report on crypto hacks in the third quarter and PayPal will let business clients buy, hold and sell crypto.

Sep 26, 2024

Policy

Ex-Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison for Her Role in FTX Fraud

Ellison will also have to forfeit about $11 billion dollars, a federal judge ruled Tuesday.

By Nikhilesh De, Cheyenne Ligon, Helene BraunSep 24, 2024

Caroline Ellison exits a Manhattan courthouse after being sentenced to two years in prison on Sept. 24, 2024. (Victor Chen/CoinDesk)

Policy

What to Expect at Former Alameda Research CEO Caroline Ellison's Sentencing

Caroline Ellison is the third FTX executive to be sentenced.

By Nikhilesh DeSep 24, 2024

Ex-Alameda CEO Caroline Ellison at the federal courthouse in Manhattan (Danny Nelson/CoinDesk)