Who is Sam Bankman-Fried?
Sam Bankman-Fried is the founder of FTX, the fourth-largest cryptocurrency exchange in the world by trade volume. He was also the CEO of billion-dollar crypto market maker Alameda Research.
People often call him SBF, the king of the crypto world.
SBG had an estimated net worth that peaked at $26 billion.
However, on November 8, 2022, amid the bankruptcy of FTX, his net worth dropped 94 percent in a day.
On November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to have no material wealth.
Sam Bankman-Fried got indicted by the U.S. District Court in Manhattan on eight counts, including securities fraud and money laundering.
Federal prosecutors accused SBF of orchestrating “one of the biggest financial frauds in American history.”
On December 22, 2022, a federal judge granted and released SBF from custody to house arrest on a $250 million bond, the largest in history.
Here’s the true story, everything to know about the crypto-disgraced billionaire Sam Bankman-Fried.
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Sam Bankman-Fried Personal Info
Name: Sam Bankman-Fried, aka SBF.
DOB: March 6, 1992.
Birthplace: Stanford, California, U.S.
Education: Massachusetts Institute of Technology
Hometown: Stanford, California, U.S.
Famous As: Founder of the collapsed cryptocurrency exchange FTX and cryptocurrency trading firm Alameda Research.
Sam Bankman-Fried Biography
Sam Bankman-Fried is the elder son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.
SBF was born on March 6, 1992, in Palo Alto, California, on the campus of Stanford University.
His parents are Jewish, and they raised SBF with utilitarian ideals.
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Sam Bankman-Fried’s Early Life And Education
Sam Bankman-Fried attended a private high school at Crystal Springs Uplands School in Hillsborough, California. He participated in the Canada/USA Mathcamp, a summer program for mathematically talented high-school students.
After graduating from high school In 2010, SBF continued his higher education at the Massachusetts Institute of Technology (MIT), where he studied physics. While at MIT, he became a member of Epsilon Theta, a STEAM-focused coed fraternity.
SBF graduated with a bachelor’s degree in physics and a minor in mathematics in 2014.
Sam Bankman-Fried’s Career
Sam Bankman-Fried began his career as an internet trader at Jane Street Capital during summer 2013 of his high school years.
Jane Street Capital is a global proprietary trading firm trading international ETFs.
After finishing his physics degree at the Massachusetts Institute of Technology in 2014, SBF returned to Jane Street Capital as a full-time trader. He worked at the firm for three years until 2017.
SBF left Jane Street and moved to Berkeley, where he worked briefly at the Centre for Effective Altruism as director of development from October to November 2017 before founding Alameda Research.
Alameda Research was a quantitative trading firm with SBF owning approximately 90 percent and acting as CEO of that company until 2019.
While operating Alameda Research, SBF often took advantage of the higher price of bitcoin in Japan compared to the United States to conduct an arbitrage trade, moving up to $25 million per day.
After attending a 2018 cryptocurrency conference in Macau, Sam Bankman-Fried decided to move to Hong Kong in 2018, inspired by the concurrent fork of Bitcoin Cash.
Between April and May 2019, Sam Bankman-Fried founded and launched FTX, a cryptocurrency derivatives exchange.
FTX quickly grew to a staggering valuation of $32.5 billion within approximately three years to become the fourth-largest cryptocurrency exchange by trade volume in the world. It turned SBF into the King of Crypto.
SBF eventually moved FTX headquarters from Hong Kong to the Bahamas with the advent of COVID-19, so it would be easier to run the company in a place with fewer restrictions than in Hong Kong.
FTX came crashing down in November 2022 when Binance announced selling off its FTT tokens due to concerns about its financial stability.
The Binance sell-off sparked market panic. Traders withdrew $6 billion from the FTX platform in just 72 hours.
The bank run exposed an $8 billion hole in FTX and Alameda’s accounts.
After failing to raise more capital to save the company, FTX filed for bankruptcy on November 11, 2022. SBF resigned as CEO that same day.
The United States filed criminal charges against SBF on December 12, 2022. He is facing criminal charges of wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
Sam Bankman-Fried was arrested in the Bahamas and extradited to the US as a criminal.
Sam Bankman-Fried Net Worth
Sam Bankman Fried has a net worth of $0. He is broke.
SBF rose to prominence as head of one of the world’s largest cryptocurrency exchanges, with a personal net worth once exceeding $26 billion, before an abrupt end to his digital currency empire in early November 2022.
Most of his net worth was in the ownership of about half of FTX shares, mostly FTT tokens.
Investors valued FTX at $18 billion in 2021. It made Sam Bankman Fried become one of the wealthiest people under 30.
At his peak in March 2022, SBF had a net worth of $26 billion. That was until crypto giant Binance revealed FTX and its sister company Alameda Research were suspiciously working together to pay off debts, leaving an $8 billion hole in its accounts.
On November 8, 2022, the net worth of Sam Bankman Fried dropped 94% in a day to $991.5 million, the most one-day drop in the Bloomberg Billionaires Index’s history.
By November 11, 2022, FTX had filed for bankruptcy, and the Wall Street Journal reported SBF’s net worth at zero.
SBF has since been arrested and charged with several counts of fraud. He faces up to 115 years in prison.
Sam Bankman-Fried Family
Sam Bankman Fried is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.
His younger brother, Gabriel Bankman-Fried, is a former Wall Street trader and the former director of the non-profit Guarding Against Pandemics and its associated political action committee.
SFB and his brother were raised by their parents with utilitarian ideals.
Sam Bankman-Fried Wife (Partner)
Sam Bankman Fried is single. He is not married or has a wife.
SBF was a man who focused on this career. He spent most of his time working at the office.
There were reports of Sam Bankman Fried’s romantic relationship with Caroline Ellison, Alameda’s ex-CEO.
Caroline Ellison pleads guilty to fraud on December 21, 2022. She is cooperating with federal prosecutors against SBF.
In the mid of 2021, Sam Bankman Fried lived in a five bedrooms penthouse in the Bahamas with approximately ten roommates.
After the collapse of FTX, the penthouse was for sale for close to $40 million.
Sam Bankman-Fried Children
Sam Bankman-Fried has no children.
Sam Bankman-Fried Accomplishments
- In 2021 Sam Bankman-Fried was named in Forbes’s 30 billionaires Under 30 – North America.
- FTX filed for Chapter 11 bankruptcy, and Bankman-Fried resigned as CEO on November 11, 2022.
- On December 12, 2022, SBF was arrested in the Bahamas after U.S. prosecutors filed criminal charges for wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
- Sam Bankman-Fried was extradited to the United States from the Bahamas on December 21, 2002.
- On December 22, 2002, a New York federal judge decided to release SBF from custody on a $250 million bond, the largest in history.
That’s Sam Bankman-Fried Bio.
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