Sam Bankman-Fried (2024)

FAQs

What does FTX stand for? ›

FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange"), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund.

Samuel Benjamin Bankman-Fried (born March 5, 1992), commonly known as SBF, is an American entrepreneur who was convicted of fraud and related crimes in November 2023.

Where did Sam Bankman-Fried go to college? After graduating high school, he enrolled at the Massachusetts Institute of Technology in 2010. Bankman-Fried graduated from MIT in 2014 with a degree in physics and mathematics.

Before FTX failed and filed for bankruptcy, Bankman-Fried had a net worth on paper of $32 billion. Known for socializing with politicians, when smaller crypto firms began blowing up in early 2022, Bankman-Friedman publicly said he would help rescue the market.

FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. Binance announced it would buy FTX to prevent a larger market crash, but quickly bailed out of the deal as more news reports of mishandled customer funds surfaced.

At Bankman-Fried's sentencing hearing, Kaplan agreed. He said FTX's customers had lost some $8bn and that its investors had lost $1.7bn.

Changpeng Zhao (CZ)

Most of his wealth, which peaked at an estimated $26.5 billion, was tied up in ownership of about half of FTX and a share of its FTT tokens.

The swift demise of cryptocurrency exchange FTX in 2022 had damaging domino effects on the cryptocurrency industry, stoking widespread mistrust among the public and toppling cryptocurrency services that did business with it.

One sunny day, while Greenie was exploring the ocean, it accidentally swam into a mysterious portal. When it came out on the other side, it found itself in a big office with lots of computers and people in suits. It was Sam Bankman-Fried's FTX offices on November 8, 2022!

What did SBF do at MIT? ›

During his undergraduate years at MIT, where he studied math and physics, SBF became an adherent of effective altruism or EA: a philsophy that seeks “to do good in the most clear-sighted, ambitious, and unsentimental way possible.”14 He committed himself to an offshoot of EA known as “earning to give,” which urges ...

Samuel Bankman-Fried, also known as SBF, 32, of Stanford, California, was sentenced today to 25 years in prison, three years of supervised release, and ordered to pay $11 billion in forfeiture for his orchestration of multiple fraudulent schemes.

Caroline Ellison, a former top executive in FTX founder Sam Bankman-Fried 's collapsed cryptocurrency empire and his former girlfriend, is seeking no prison time at her sentencing later this month.

As of April 2024, Forbes ranked him as the thirteenth-richest person in the world, with an estimated net worth of US$106.2 billion. Bloomberg, who has signed The Giving Pledge, has given away $17.4 billion to philanthropic causes in his lifetime. Bloomberg was elected the 108th mayor of New York City in 2001.