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FTX Crypto King Sam Bankman-Fried’s Rise and Fall

  • Sam Bankman-Fried catapulted into a crypto billionaire, but it took just one day for most of his fortune to be wiped out.
  • He was extradited to the US and released on $250 million bail on December 22.
  • In late July 2023, prosecutors said he was tampering with witnesses and asked for him to be jailed.

Just months ago, Sam Bankman-Fried was a 30-year-old with a mop of brown hair and enough clout to go by his initials, SBF. He had a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and $15.6 billion to his name, according to estimates from Bloomberg. 

He had catapulted into one of the biggest names in crypto in a matter of four years and was setting his sights on mainstream finance.

Now, all he has left are his initials, and several legal proceedings ahead of him.

Bankman-Fried was arrested on December 12 by Bahamian authorities at the US government’s request. 

He’s since been extradited to the US and released on bail of $250 million. He’s staying with parents in Palo Alto, California as he awaits the trial of FTX.

Bankman-Fried originally faced eight criminal counts that included charges of wire fraud, securities fraud, commodities fraud, and money laundering. 

But on February 23, federal prosecutors unsealed an updated indictment that poses 12 total criminal charges against him including more counts of conspiracy

Here’s how SBF went from crypto’s poster child to its greatest cautionary tale:

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