The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caro...
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The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3.
The FTX founder's dramatic arrest in the Bahamas followed an odd media tour and damning court filings.
Here's the guide to everything that's happened so far in the FTX saga.
In just a few years since founding the crypto exchange FTX in 2019, Sam Bankman-Fried built a reverent audience among the US political and financial establishment.
Then it all came crashing down.
Often dressed like he'd just come from a pick-up squash game, the 30-year-old onetime crypto billionaire had appeared with the likes of Bill Clinton and the Davos elite, evangelizing about the future of crypto.
FTX represented a new kind of exchange that promised a safe and efficient way for traders to make transactions around various cryptocurrencies. That vision and its customer growth drew investments from top VCs like Sequoia Capital, Tiger Global, and SoftBank, helping the company quickly reach a stunning $32 billion valuation. Bankman-Fried's own worth was once pegged at around $20 billion, according to Bloomberg.
With some $8 billion in customer funds seemingly gone, financial regulators alleged that what happened at FTX wasn't some novel and complex financial engineering, but a simple and daring fraud scheme along with straightforward mismanagement.
Bankman-Fried, with the obliging support of his lieutenants, sent FTX customer funds to his other company Alameda Research, which allegedly squandered that bounty on risky investments and also served as his "personal piggy bank," according to the US Securities and Exchange Commission.
Federal prosecutors in Manhattan also ensnared Bankman-Fried, with what turned out to be the cooperation of his ex-girlfriend and former Alameda CEO Caroline Ellison and former FTX co-founder Gary Wang. All three have been hit with serious criminal charges for fraud and conspiracy.
Bankman-Fried's project was also about cultivating a sense of legitimacy and ethics around the theoretically lucrative and practically unsupervised scheme that is crypto. He was the rare CEO in the industry who actively courted regulation amid the mainstreaming of a shadowy economy where lack of oversight had been central to its appeal.
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