Sam Bankman-Fried

Sam Bankman-Fried
Bankman-Fried in 2021
Born
Samuel Benjamin Bankman-Fried

(1992-03-05) March 5, 1992 (age 32)[1]
Stanford, California, U.S.
Other namesSBF
EducationMassachusetts Institute of Technology (BS)
OccupationEntrepreneur
Known for
Criminal statusIncarcerated
Parents
RelativesLinda P. Fried (aunt)
Gabriel Bankman-Fried (brother)
Conviction(s)
Criminal penalty25 years in prison
Date apprehended
August 11, 2023
(15 months ago)

Samuel Benjamin Bankman-Fried[2] (born March 5, 1992), commonly known as SBF,[3] is an American entrepreneur who was convicted of fraud and related crimes in November 2023. Bankman-Fried founded the FTX cryptocurrency exchange and was celebrated as a "poster boy" for crypto,[4] with FTX having a global reach with more than 130 international affiliates.[5] At the peak of his net worth, he was ranked the 41st-richest American in the Forbes 400.[6]

The friendly "math nerd" persona of Bankman-Fried masked significant problems at FTX, and in November 2022, as evidence of potential fraud began to surface, depositors quickly withdrew their assets, forcing the company into bankruptcy. On December 12, 2022, Bankman-Fried was arrested in the Bahamas and extradited to the United States, where he was indicted on seven criminal charges, including wire fraud, commodities fraud, securities fraud, money laundering, and campaign finance law violations.[7][8][9]

In the case of United States v. Bankman-Fried, he was convicted of all seven counts of fraud, conspiracy, and money laundering.[10] On March 28, 2024, he was sentenced to 25 years in prison and ordered to forfeit $11 billion.[11][12][13] The trial was one of the most notorious cases of white-collar crime in the United States, with financier Anthony Scaramucci calling Bankman-Fried "the Bernie Madoff of crypto".[14]

  1. ^ Lewis, Michael (November 2, 2023). "Sam Bankman-Fried: the rise and crash of a crypto billionaire". The Times. Archived from the original on November 2, 2023. Retrieved November 11, 2023. Excerpt from Going Infinite.
  2. ^ Sharwood, Simon. "Crypto villain Sam Bankman-Fried arrested in Bahamas". The Register. Archived from the original on January 5, 2023. Retrieved December 14, 2022.
  3. ^ Turner, Matt; Rosen, Phil; Erb, Jordan Parker (December 19, 2021). "Sam Bankman-Fried went from relative obscurity to crypto billionaire in just 4 years. Insiders explain how he did it, and what's next". Business Insider. Archived from the original on November 11, 2022. Retrieved December 27, 2021.
  4. ^ Q. ai (December 13, 2022). "What Happened To Crypto Giant FTX? A Detailed Summary Of What We Actually Know So Far". Forbes. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
  5. ^ Osipovich, Alexander; Saeedy, Alexander; Gladstone, Alexander (December 4, 2022). "Clashes Over FTX Bankruptcy Go Global". Wall Street Journal. ISSN 0099-9660. Archived from the original on October 20, 2023. Retrieved October 19, 2023.
  6. ^ "Sam Bankman-Fried". Forbes. Archived from the original on December 30, 2022. Retrieved December 30, 2022.
  7. ^ Department of Justice, Office of Public Affairs (December 13, 2022). "FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses". Archived from the original on December 28, 2022. Retrieved December 17, 2022.
  8. ^ "The SBF indictment in full". Financial Times. December 13, 2022. Archived from the original on December 23, 2022. Retrieved December 13, 2022.
  9. ^ Betz, Bradford (December 12, 2022). "FTX founder Sam Bankman-Fried arrested in Bahamas, US expected to request extradition, authorities say". FOXBusiness. Archived from the original on December 13, 2022. Retrieved December 13, 2022.
  10. ^ Yaffe-Bellany, David; Goldstein, Matthew; Edward Moreno, J. (November 2, 2023). "Fallen Crypto Mogul Convicted in Collapse That Cost Users Billions". The New York Times. Archived from the original on November 2, 2023. Retrieved November 2, 2023.
  11. ^ "Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes". Justice.gov. U.S. Department of Justice. April 30, 2005. Retrieved March 29, 2024.
  12. ^ "Former FTX CEO Sam Bankman-Fried sentenced to 25 years in prison for fraud". United Press International. March 28, 2024. Retrieved March 28, 2024.
  13. ^ Neumeister, Larry; Sweet, Ken (March 28, 2024). "Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison". Associated Press. Retrieved March 28, 2024.
  14. ^ The Collapse Of FTX: Insiders Tell All | CNBC Documentary. Retrieved May 6, 2024 – via www.youtube.com.