Sam Bankman-Fried has been convicted of stealing billions of dollars from customers of his cryptocurrency exchange FTX. It’s a spectacular downfall for Silicon Valley’s dishevelled wunderkind, who rubbed elbows with celebrities like Gisele and Tom Brady.
On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.
Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried’s crypto exchange, spooking customers into a multi-billion dollar bank run.
Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried’s crypto exchange, spooking customers into a multi-billion dollar bank run.
They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? “Fairly unlikely,” Bankman-Fried wrote.
Bankman-Fried faces decades in prison after guilty verdict
It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation – mulling a break-up, assessing a risky trade.
For a while, that approach seemed to work. As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence. The flameout was even faster.
The tweet was, as discussed, net bad. Billions gushed out of the platform in less than five days. When it was all over, more than $8bn in customer funds were missing and the company was bankrupt. Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.
Sam Bankman-Fried has been convicted of stealing billions of dollars from customers of his cryptocurrency exchange FTX. It’s a spectacular downfall for Silicon Valley’s dishevelled wunderkind, who rubbed elbows with celebrities like Gisele and Tom Brady.
Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried’s crypto exchange, spooking customers into a multi-billion dollar bank run.
On 7 November 2022, as his empire began its dizzying, irrevocable collapse, Bankman-Fried did what he always did: he weighed the odds.
They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? “Fairly unlikely,” Bankman-Fried wrote.
Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried’s crypto exchange, spooking customers into a multi-billion dollar bank run.
Earlier that day, a rival executive had expressed concerns on social media about the finances of Bankman-Fried’s crypto exchange, spooking customers into a multi-billion dollar bank run.
They considered their options. Was it possible that his rival would walk back the criticism? Was it probable that that would stem the bleeding? “Fairly unlikely,” Bankman-Fried wrote.
Bankman-Fried faces decades in prison after guilty verdict
It was the kind of calculus Bankman-Fried had been making for years, the quick equations friends said he used in nearly every situation – mulling a break-up, assessing a risky trade.
For a while, that approach seemed to work. As the boy-wonder of crypto, Bankman-Fried got rich faster than almost anyone in history, amassing an estimated $26bn in personal wealth, countless magazine covers and sweeping political influence. The flameout was even faster.
The tweet was, as discussed, net bad. Billions gushed out of the platform in less than five days. When it was all over, more than $8bn in customer funds were missing and the company was bankrupt. Five weeks after that, prosecutors in Manhattan charged Bankman-Fried, who had already resigned, with several financial offences including wire fraud, securities fraud, commodities fraud and money laundering.
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