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Sam Bankman-Fried: From FTX Billionaire to Prison
Summary by UseTheBitcoin
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Who is Sam Bankman-Fried? His Rise and Fall Explained
KEY TAKEAWAYS Sam Bankman-Fried co-founded Alameda Research in 2017 and launched the FTX cryptocurrency exchange in 2019, which reached a $32 billion valuation by early 2022. FTX collapsed in November 2022 after reports revealed Alameda Research had used more than $8 billion in customer deposits to cover trading losses. A Manhattan jury convicted Bankman-Fried on seven fraud and conspiracy counts in November 2023, and a judge sentenced him to …
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