Sam Bankman-Fried - Revision history

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	== See also ==		== See also ==

	* [~~https://nightmaresuccess.com/p/behind-the-ftx-collapse-a-fathers-story-of-survival-sbf-ftx-dad-joe-bankman/ Joe Bankman's Interview on the Nightmare Success Podcast~~]		* [[Jordan_Belfort\|Jordan Belfort]]
	* [[Changpeng Zhao]]		* [[Martha_Stewart\|Martha Stewart]]
	* [[Caroline Ellison]]		* [[Jeff_Skilling\|Jeff Skilling]]
			* [[Bernie_Madoff\|Bernie Madoff]]
			* [[Changpeng_Zhao\|Changpeng Zhao]]
			* [[Caroline_Ellison\|Caroline Ellison]]
			* [[Wire_Fraud\|Wire Fraud]]
			* [[Securities_Fraud\|Securities Fraud]]
			* [[Money_Laundering\|Money Laundering]]

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	\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.		\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.
	\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse		\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse
	\|type=~~profile~~		\|type=ProfilePage
	\|site_name=Prisonpedia		\|site_name=Prisonpedia
	\|locale=en_US		\|locale=en_US

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	{{Infobox Person		{{Infobox Person
	\|name = Samuel Benjamin Bankman-Fried		\|name = Samuel Benjamin Bankman-Fried
			\|image = sam-bankman-fried.png
	\|birth_date = March 6, 1992		\|birth_date = March 6, 1992
	\|birth_place = Stanford, California		\|birth_place = Stanford, California

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	\|charges = Wire fraud, Conspiracy to commit wire fraud, Securities fraud conspiracy, Commodities fraud conspiracy, Money laundering conspiracy		\|charges = Wire fraud, Conspiracy to commit wire fraud, Securities fraud conspiracy, Commodities fraud conspiracy, Money laundering conspiracy
	\|sentence = 25 years		\|sentence = 25 years
	\|facility = ~~[[FCI_Terminal_Island_(low-security)\|~~FCI Terminal Island (pending appeal)]]		\|facility = FCI Terminal Island (pending appeal)
	\|status = Incarcerated		\|status = Incarcerated
	\|conviction_date = November 2, 2023		\|conviction_date = November 2, 2023
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	=== Career in Trading ===		=== Career in Trading ===

	After college, Bankman-Fried worked at Jane Street Capital, a quantitative trading firm, where he traded exchange-traded funds. He became interested in the philosophy of effective altruism, which advocates using evidence and reason to determine how to benefit others as much as possible. Bankman-Fried would later claim that his pursuit of wealth was motivated by his desire to donate most of it to effective causes.<ref name="~~wiki~~-sbf">~~Wikipedia~~, "Sam Bankman-Fried," https://en.~~wikipedia~~.~~org~~/~~wiki~~/~~Sam_Bankman~~-~~Fried~~</ref>		After college, Bankman-Fried worked at Jane Street Capital, a quantitative trading firm, where he traded exchange-traded funds. He became interested in the philosophy of effective altruism, which advocates using evidence and reason to determine how to benefit others as much as possible. Bankman-Fried would later claim that his pursuit of wealth was motivated by his desire to donate most of it to effective causes.<ref name="forbes-sbf">Forbes, "Sam Bankman-Fried," https://www.forbes.com/profile/sam-bankman-fried/.</ref>

	=== Founding Alameda Research and FTX ===		=== Founding Alameda Research and FTX ===

	In 2017, Bankman-Fried founded Alameda Research, a quantitative trading firm focused on cryptocurrency markets. In 2019, he founded FTX, a cryptocurrency derivatives exchange, alongside Gary Wang. FTX quickly became one of the largest cryptocurrency exchanges in the world, known for its innovative products and aggressive marketing.<ref name="~~wiki~~-sbf" />		In 2017, Bankman-Fried founded Alameda Research, a quantitative trading firm focused on cryptocurrency markets. In 2019, he founded FTX, a cryptocurrency derivatives exchange, alongside Gary Wang. FTX quickly became one of the largest cryptocurrency exchanges in the world, known for its innovative products and aggressive marketing.<ref name="forbes-sbf" />

	Bankman-Fried cultivated a distinctive public image: the young, casual genius who valued effectiveness over appearance, slept little, and was driven by the desire to do good. His embrace of effective altruism and his pledge to donate the vast majority of his wealth made him a darling of both the cryptocurrency industry and mainstream media. He testified before Congress, attended conferences with world leaders, and appeared on magazine covers.<ref name="pymnts-sentence">PYMNTS, "Lying, Evasive FTX Founder Sam Bankman-Fried Gets 25-Year Sentence," March 2024, https://www.pymnts.com/legal/2024/lying-evasive-ftx-founder-sam-bankman-fried-gets-25-year-sentence.</ref>		Bankman-Fried cultivated a distinctive public image: the young, casual genius who valued effectiveness over appearance, slept little, and was driven by the desire to do good. His embrace of effective altruism and his pledge to donate the vast majority of his wealth made him a darling of both the cryptocurrency industry and mainstream media. He testified before Congress, attended conferences with world leaders, and appeared on magazine covers.<ref name="pymnts-sentence">PYMNTS, "Lying, Evasive FTX Founder Sam Bankman-Fried Gets 25-Year Sentence," March 2024, https://www.pymnts.com/legal/2024/lying-evasive-ftx-founder-sam-bankman-fried-gets-25-year-sentence.</ref>
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	=== FTX Collapse ===		=== FTX Collapse ===

	In early November 2022, news reports revealed that Alameda Research's balance sheet was heavily dependent on FTT, FTX's proprietary cryptocurrency token. This revelation sparked concerns about the financial stability of both companies. When rival exchange Binance announced it would sell its FTT holdings, it triggered a run on FTX as customers rushed to withdraw their funds.<ref name="~~wiki~~-sbf" />		In early November 2022, news reports revealed that Alameda Research's balance sheet was heavily dependent on FTT, FTX's proprietary cryptocurrency token. This revelation sparked concerns about the financial stability of both companies. When rival exchange Binance announced it would sell its FTT holdings, it triggered a run on FTX as customers rushed to withdraw their funds.<ref name="forbes-sbf" />

	FTX could not meet the withdrawal requests because the customer funds were not there—they had been transferred to Alameda Research. On November 11, 2022, FTX filed for bankruptcy. The collapse wiped out billions of dollars in customer assets and triggered investigations by federal authorities.<ref name="coindesk-sentence" />		FTX could not meet the withdrawal requests because the customer funds were not there—they had been transferred to Alameda Research. On November 11, 2022, FTX filed for bankruptcy. The collapse wiped out billions of dollars in customer assets and triggered investigations by federal authorities.<ref name="coindesk-sentence" />
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	=== Trial and Conviction ===		=== Trial and Conviction ===

	Bankman-Fried's trial began in October 2023 in federal court in Manhattan before Judge Lewis Kaplan. The prosecution presented evidence showing that Bankman-Fried had directed the transfer of billions of dollars in customer funds from FTX to Alameda Research, used the money for speculative investments and personal expenditures, and repeatedly lied to investors and the public about the nature of these transactions.<ref name="~~wiki~~-sbf" />		Bankman-Fried's trial began in October 2023 in federal court in Manhattan before Judge Lewis Kaplan. The prosecution presented evidence showing that Bankman-Fried had directed the transfer of billions of dollars in customer funds from FTX to Alameda Research, used the money for speculative investments and personal expenditures, and repeatedly lied to investors and the public about the nature of these transactions.<ref name="forbes-sbf" />

	Key prosecution witnesses included several of Bankman-Fried's former close associates who had pleaded guilty and agreed to cooperate, including Caroline Ellison, the former CEO of Alameda Research and Bankman-Fried's former girlfriend. Their testimony provided detailed accounts of how the fraud was executed.<ref name="npr-sentence" />		Key prosecution witnesses included several of Bankman-Fried's former close associates who had pleaded guilty and agreed to cooperate, including Caroline Ellison, the former CEO of Alameda Research and Bankman-Fried's former girlfriend. Their testimony provided detailed accounts of how the fraud was executed.<ref name="npr-sentence" />
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	* [https://nightmaresuccess.com/p/behind-the-ftx-collapse-a-fathers-story-of-survival-sbf-ftx-dad-joe-bankman/ Joe Bankman's Interview on the Nightmare Success Podcast]		* [https://nightmaresuccess.com/p/behind-the-ftx-collapse-a-fathers-story-of-survival-sbf-ftx-dad-joe-bankman/ Joe Bankman's Interview on the Nightmare Success Podcast]
	* ~~[[Changpeng_Zhao\|~~Changpeng Zhao]]		* Changpeng Zhao


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	{{FAQ		{{FAQ
	\|question = What was FTX and what happened to it?		\|question = What was FTX and what happened to it?
	\|answer = FTX was one of the world's largest cryptocurrency exchanges, founded by Bankman-Fried in 2019. The company was valued at over $30 billion at its peak and was known for its innovative products and aggressive marketing, including a Super Bowl ad and naming rights to the Miami Heat's arena. In November 2022, news reports revealed that Alameda Research's balance sheet was heavily dependent on FTT, FTX's proprietary token. This triggered a run on the exchange as customers rushed to withdraw funds. FTX could not meet the withdrawal requests because the customer funds had been transferred to Alameda Research. The exchange filed for bankruptcy on November 11, 2022.<ref name="~~wiki~~-sbf" /><ref name="coindesk-sentence" />		\|answer = FTX was one of the world's largest cryptocurrency exchanges, founded by Bankman-Fried in 2019. The company was valued at over $30 billion at its peak and was known for its innovative products and aggressive marketing, including a Super Bowl ad and naming rights to the Miami Heat's arena. In November 2022, news reports revealed that Alameda Research's balance sheet was heavily dependent on FTT, FTX's proprietary token. This triggered a run on the exchange as customers rushed to withdraw funds. FTX could not meet the withdrawal requests because the customer funds had been transferred to Alameda Research. The exchange filed for bankruptcy on November 11, 2022.<ref name="forbes-sbf" /><ref name="coindesk-sentence" />
	}}		}}

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	\|title=Sam Bankman-Fried - FTX Fraud \| Prisonpedia		\|title=Sam Bankman-Fried - FTX Fraud \| Prisonpedia
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	\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.		\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.
	\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse		\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse

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	\|~~title_mode~~=~~append~~		\|title=Sam Bankman-Fried - FTX Fraud \| Prisonpedia
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	\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.		\|description=Explore Sam Bankman-Fried's FTX fraud conviction and 25-year federal prison sentence. Learn about the $8 billion crypto collapse scandal.
	\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse		\|keywords=Sam Bankman-Fried, SBF, FTX, cryptocurrency, fraud, federal prison, crypto collapse

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	\|facility = [[FCI_Terminal_Island_(low-security)\|FCI Terminal Island (pending appeal)]]		\|facility = [[FCI_Terminal_Island_(low-security)\|FCI Terminal Island (pending appeal)]]
	\|status = Incarcerated		\|status = Incarcerated
			\|conviction_date = November 2, 2023
	}}		}}
	'''Samuel Benjamin Bankman-Fried''' (born March 6, 1992), commonly known by his initials '''SBF''', is an American former businessman and convicted fraudster who was sentenced to 25 years in federal prison for orchestrating one of the largest financial frauds in American history through his cryptocurrency exchange FTX and its affiliated trading firm Alameda Research.<ref name="doj-sentence">U.S. Department of Justice, "Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes," March 28, 2024, https://www.justice.gov/archives/opa/pr/samuel-bankman-fried-sentenced-25-years-his-orchestration-multiple-fraudulent-schemes.</ref> Bankman-Fried, who was once celebrated as a cryptocurrency wunderkind worth an estimated $26 billion and promoted "effective altruism" as his guiding philosophy, was convicted in November 2023 on seven counts of fraud and conspiracy after a trial that exposed how he systematically stole billions of dollars from FTX customers to fund personal investments, luxury real estate, and millions of dollars in political contributions. The sentencing judge, who characterized Bankman-Fried as showing no remorse, also ordered him to pay $11 billion in forfeiture and serve three years of supervised release.<ref name="npr-sentence">NPR, "Sam Bankman-Fried sentenced to 25 years in prison for his FTX crimes," March 28, 2024, https://www.npr.org/2024/03/28/1241210300/sam-bankman-fried-ftx-sentencing-crimes-crypto-mogul-greed.</ref> Bankman-Fried has appealed his conviction and sentence.<ref name="cnbc-appeal">CNBC, "FTX founder Sam Bankman-Fried appeals fraud conviction, 25-year prison sentence," April 11, 2024, https://www.cnbc.com/2024/04/11/sam-bankman-fried-appeals-fraud-conviction-25-year-prison-sentence.html.</ref>		'''Samuel Benjamin Bankman-Fried''' (born March 6, 1992), commonly known by his initials '''SBF''', is an American former businessman and convicted fraudster who was sentenced to 25 years in federal prison for orchestrating one of the largest financial frauds in American history through his cryptocurrency exchange FTX and its affiliated trading firm Alameda Research.<ref name="doj-sentence">U.S. Department of Justice, "Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes," March 28, 2024, https://www.justice.gov/archives/opa/pr/samuel-bankman-fried-sentenced-25-years-his-orchestration-multiple-fraudulent-schemes.</ref> Bankman-Fried, who was once celebrated as a cryptocurrency wunderkind worth an estimated $26 billion and promoted "effective altruism" as his guiding philosophy, was convicted in November 2023 on seven counts of fraud and conspiracy after a trial that exposed how he systematically stole billions of dollars from FTX customers to fund personal investments, luxury real estate, and millions of dollars in political contributions. The sentencing judge, who characterized Bankman-Fried as showing no remorse, also ordered him to pay $11 billion in forfeiture and serve three years of supervised release.<ref name="npr-sentence">NPR, "Sam Bankman-Fried sentenced to 25 years in prison for his FTX crimes," March 28, 2024, https://www.npr.org/2024/03/28/1241210300/sam-bankman-fried-ftx-sentencing-crimes-crypto-mogul-greed.</ref> Bankman-Fried has appealed his conviction and sentence.<ref name="cnbc-appeal">CNBC, "FTX founder Sam Bankman-Fried appeals fraud conviction, 25-year prison sentence," April 11, 2024, https://www.cnbc.com/2024/04/11/sam-bankman-fried-appeals-fraud-conviction-25-year-prison-sentence.html.</ref>

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	~~{{MetaDescription\|Learn about Sam Bankman-Fried's federal case, conviction, and prison experience on Prisonpedia.}}~~
	{{Infobox Person		{{Infobox Person
	\|name = Samuel Benjamin Bankman-Fried		\|name = Samuel Benjamin Bankman-Fried
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			{{MetaDescription\|Learn about Sam Bankman-Fried's federal case, conviction, and prison experience on Prisonpedia.}}

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	== Prison Status and Appeal ==		== Prison Status and Appeal ==

	Bankman-Fried is currently incarcerated in federal custody pending his appeal. In April 2024, he filed a notice of appeal challenging both his conviction and his 25-year sentence. The appeal will be heard by the Second Circuit Court of Appeals.<ref name="aljazeera-appeal">Al Jazeera, "FTX's Sam Bankman-Fried appeals conviction and 25-year sentence for fraud," April 12, 2024, https://www.aljazeera.com/news/2024/4/12/ftx-sam-bankman-fried-appeals-conviction-and-25-year-sentence-for-fraud.</ref>		Bankman-Fried is currently incarcerated in federal custody pending his appeal. In April 2024, he filed a notice of appeal challenging both his conviction and his 25-year sentence. The appeal will be heard by the Second Circuit Court of Appeals.<ref name="aljazeera-appeal">Al Jazeera, "FTX's Sam Bankman-Fried appeals conviction and 25-year sentence for fraud," April 12, 2024, https://www.aljazeera.com/news/2024/4/12/ftx-sam-bankman-fried-appeals-conviction-and-25-year-sentence-for-fraud.</ref> Criminal defendants face long odds in federal appeals, with fewer than 10% of appeals resulting in reversals. However, Bankman-Fried's legal team is expected to raise multiple issues including challenges to evidentiary rulings at trial and arguments about the calculation of his sentence.<ref name="usnews-appeal">U.S. News, "Bankman-Fried Appeals FTX Fraud Conviction, 25-Year Sentence," April 11, 2024, https://www.usnews.com/news/top-news/articles/2024-04-11/bankman-fried-appeals-ftx-fraud-conviction-25-year-sentence.</ref>

	~~Criminal defendants face long odds in federal appeals, with fewer than 10% of appeals resulting in reversals. However, Bankman-Fried's legal team is expected~~ to ~~raise multiple issues including challenges to evidentiary rulings at trial and arguments about~~ the ~~calculation of his sentence.~~<~~ref name="usnews-appeal"~~>U.S. News, "Bankman-Fried Appeals FTX Fraud Conviction, 25-Year Sentence," April 11, 2024, https://www.usnews.com/news/top-news/articles/2024-04-11/bankman-fried-appeals-ftx-fraud-conviction-25-year-sentence.</~~ref~~>		Federal [[Prison Consultants\|prison consultant]] [[Sam Mangel]] joined the Bad Crypto podcast to discuss what prison life would be like for the former tech founder:

			<youtube>H7sX3orXNWk</youtube>

	== Public Statements and Positions ==		== Public Statements and Positions ==
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	* [https://nightmaresuccess.com/p/behind-the-ftx-collapse-a-fathers-story-of-survival-sbf-ftx-dad-joe-bankman/ Joe Bankman's Interview on the Nightmare Success Podcast]		* [https://nightmaresuccess.com/p/behind-the-ftx-collapse-a-fathers-story-of-survival-sbf-ftx-dad-joe-bankman/ Joe Bankman's Interview on the Nightmare Success Podcast]
	* Changpeng Zhao		* [[Changpeng Zhao]]