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Who is Sam Bankman-Fried? A timeline of crypto king’s rise and fall

By:
on Mar 29, 2024
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  • Samuel Benjamin Bankman-Fried is the founder of the FTX crypto exchange.
  • FTX's success made Bankman-Fried a standout, his wealth reaching $26 billion by age 30.
  • Bankman-Fried's reign as the 'Crypto King' came to an abrupt end with the collapse of FTX in 2022.

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Samuel Benjamin Bankman-Fried, commonly known as SBF, is an American entrepreneur who rose to prominence in the cryptocurrency world as the founder of the FTX cryptocurrency exchange.

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Born on March 5, 1992, in Stanford, California, Bankman-Fried showed early promise, attending the prestigious Massachusetts Institute of Technology (MIT) before delving into cryptocurrency trading.

His career trajectory took a significant turn when he ventured into the world of finance, working on Wall Street before establishing Alameda Research in 2017.

Why was he called Crypto King?

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In 2019, Bankman-Fried founded FTX, a cryptocurrency exchange that quickly gained traction in the digital asset market. FTX allowed users to trade a wide range of virtual currencies, positioning itself as a key player in the industry.

Bankman-Fried’s visionary leadership and innovative approach propelled FTX to become the world’s second-largest cryptocurrency exchange, earning him the moniker of the ‘Crypto King.’

Bankman-Fried’s success with FTX catapulted him into the spotlight, with his net worth soaring to an astonishing $26 billion by the age of 30. His strategic promotional efforts, including high-profile endorsements featuring celebrities like Tom Brady and Larry David, solidified FTX’s reputation as a trusted and secure platform for cryptocurrency trading.

The downfall of the Crypto King

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However, Bankman-Fried’s reign as the ‘Crypto King’ came to an abrupt end with the collapse of FTX in 2022.`

The once-lauded entrepreneur faced a dramatic downfall as he was embroiled in one of the biggest financial fraud cases in US history. Following the collapse of FTX, Bankman-Fried was indicted on seven counts of fraud and conspiracy, including wire fraud and money laundering charges.

Verdict and sentencing

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After a lengthy trial, US District Judge Lewis Kaplan delivered the verdict on Thursday, sentencing Bankman-Fried to 25 years in prison.

The judge described the case as one of the largest financial frauds in American history, marking a significant blow to Bankman-Fried’s legacy as a prominent figure in the cryptocurrency world.

The downfall of Sam Bankman-Fried serves as a cautionary tale, highlighting the risks and consequences associated with financial misconduct in the digital asset space.

Despite his meteoric rise to fame and fortune, Bankman-Fried’s legacy will forever be tarnished by his involvement in one of the most notorious fraud cases in recent memory.

The timeline of Crypto King  rise & fall

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1992: Samuel Benjamin Bankman-Fried is born on March 5 in Stanford, California.

Early 2000s: Bankman-Fried shows early promise and attends the Massachusetts Institute of Technology (MIT).

2017: Bankman-Fried establishes Alameda Research, marking his entry into the world of cryptocurrency trading.

2019: Bankman-Fried founded FTX, a cryptocurrency exchange aimed at facilitating the trade of various digital assets.

2020: FTX gains significant traction in the cryptocurrency market, propelling Bankman-Fried to prominence as the ‘Crypto King.’

2022: FTX collapses amid allegations of financial misconduct, leading to Bankman-Fried’s indictment on seven counts of fraud and conspiracy.

September 2022: Bankman-Fried flees the United States hours before he is due to be interviewed by authorities.

2023: Bankman-Fried is apprehended in the Bahamas and extradited to the United States to face charges.

March 2024: After a lengthy trial, Bankman-Fried is found guilty on all counts and sentenced to 25 years in prison by US District Judge Lewis Kaplan.

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