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Sam Bankman-Fried
Founder and CEO, FTX
Cryptocurrency executive convicted of $32 billion fraud
Overview
Sam Bankman-Fried founded FTX in 2019 and built it into the third-largest cryptocurrency exchange before its collapse in November 2022 revealed a massive fraud. He was convicted on seven counts of fraud, conspiracy, and money laundering in November 2023 after evidence showed he stole billions in customer deposits to fund speculative trading by his hedge fund Alameda Research, personal real estate purchases, and over $40 million in political donations. Sentenced to 25 years in federal prison.
Key Affiliations
Controversies & Concerns
Stole approximately $8 billion in FTX customer deposits to fund Alameda Research trading losses
Donated $40 million to political campaigns using misappropriated customer funds
FTX had virtually no financial controls; billions tracked on spreadsheets
Used customer funds for personal real estate including $30M Bahamas penthouse
Misled investors about FTX financial health and risk management
Related Investigations (7)
Bitcoin Regulation CaptureFinancial Regulation
Tier 1
mediumCryptocurrency Fraud EpidemicFinancial Crime
Tier 2
highCryptocurrency Fraud EpidemicFinancial Crime
Tier 2
highDark Money in American PoliticsFinancial Crime
Tier 1
criticalFTX Cryptocurrency CollapseFinancial Fraud
Tier 1
highFTX Crypto Collapse Cover-UpFinancial Crime
Tier 1
criticalFTX Crypto FraudFinancial Crime
Tier 1
criticalCriminal Charges & Violations
5 documented violations
18 U.S.C. 1343Wire Fraud (multiple counts)(Financial Crime)
18 U.S.C. 1349Conspiracy to Commit Wire Fraud(Financial Crime)
18 U.S.C. 1957Money Laundering(Financial Crime)
18 U.S.C. 371Conspiracy to Defraud the United States(Financial Crime)
52 U.S.C. 30109Campaign Finance Violations(Election Law)
Known Associates & Connections
Caroline Ellison
CEO of Alameda Research; cooperating witness; sentenced to 2 years
Gary Wang
FTX co-founder and CTO; cooperating witness
Nishad Singh
FTX Director of Engineering; cooperating witness
Sources & Documentation
1 documented sources from official records, investigations, and reports
Personal Information
- Born
- March 6, 1992
- Birthplace
- Stanford, California
- Also Known As
- SBF
Education
- •MIT (B.S. Physics, B.S. Mathematics, 2014)
Key Timeline
2017
Founded Alameda Research, a quantitative trading firm
2019
Founded FTX cryptocurrency exchange in the Bahamas
November 2022
FTX collapsed after Binance revealed FTT token vulnerability; $8B customer shortfall discovered
December 2022
Arrested in Bahamas; extradited to U.S.; charged with 8 criminal counts
November 2023
Convicted on all 7 counts after month-long trial in SDNY
March 2024
Sentenced to 25 years in federal prison by Judge Lewis Kaplan