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| Sam Bankman-Fried 
| #SBF
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| SBF Price: | $0.000000716 | | Volume: | — | | All Time High: | $0.000000896 | | Market Cap: | — |
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| Circulating Supply: | — |
| Exchanges: | —
| | Total Supply: | 1,000,000,000 |
| Markets: | —
| | Max Supply: | 1,000,000,000 |
| Pairs: | —
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The last known price of #SBF is $0.000000716 USD.
 Please note that the price of #SBF was last updated over 60 days ago. This can occur when coins have sporadic price reporting, no listings on exchanges or the project has been abandonded. All #SBF statistics should be considered as 'last known value'.
The lowest SBF price for this period was $0, the highest was $0.000000716, and the exact last price of SBF was $0.00000071587.
The all-time high SBF coin price was $0.000000896.
Use our custom price calculator to see the hypothetical price of SBF with market cap of SOL or other crypto coins. |
The code for Sam Bankman-Fried crypto currency is #SBF.
Sam Bankman-Fried is a newer coin by our records, at least 2 months in age. |
The current market capitalization for Sam Bankman-Fried is not available at this time.
Sam Bankman-Fried is ranking downwards to #6834 out of all coins, by market cap (and other factors). |
| The trading volume is unknown today for #SBF. |
| The total supply of SBF is 1,000,000,000 coins, which is 100% of the maximum coin supply. |
SBF exchange data is not currently available.
|
 | Sam Bankman-Fried Slapped With 4 New Criminal Charges After FTX Fallout
Disgraced FTX founder Sam Bankman-Fried (SBF) is under yet another layer of legal pressure after a judge unsealed a superseding 12-count indictment against him on Thursday.
The filing adds 4 new charges to an 8-count indictment introduced in December, and includes new details regarding illegal political donations made by SBF.
Straw Donor Scheme
As the government alleges, Bankman-Fried “corrupted” the operations of both crypto exchange FTX and its sister trading firm Alameda Research for at least three years up until their collective collapse in November of last year.
His schemes, according to the filing, involved stealing FTX customer deposits for a variety of purposes, such as enriching himself and currying political favor among both parties in Washington.
The indictment claims that SBF and his co-conspirators made over 300 political donations using the names of other people or using corporate funds, totaling tens of millions of dollars. That’s well in excess of individual campaign contribution limits, and a violation of campaign finance laws.
“To avoid certain contributions being publicly reported in his name, Bankman-Fried conspired to and did have certain political contributions made in the names of two other FTX executives,” said the new filing.
Examples of such illegal contributions included one from a contributor identified as co-conspirator 1 (CC-1), who was selected to donate at least $1 million to a PAC supportin...
|  | Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Doll...
Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces four more charges after a new indictment was unsealed on Wednesday. The charges include operating an unlicensed money transfer business and conspiring to commit bank fraud.SBF Gets 4 New Charges Tacked Onto His Indictment
The former CEO of FTX was originally indicted 72 days ago by a federal grand jury in Manhattan, and prosecutors charged the crypto exchange co-founder with eight different offenses. The charges include conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.
A new indictment was unsealed by the court on February 22, 2023, adding four new charges to SBF's case. The charges include operating an unlicensed money transmitter and conspiracy to commit bank fraud. 'Exploiting the trust that FTX customers placed in him and his exchange, Bankman-Fried stole FTX customer deposits and used billions of dollars in stolen funds for a variety of purposes,' the new indictment reads.
The newly revised indictment did not name any other defendants, and it alleges that SBF 'corrupted the operations of the cryptocurrency companies he founded and controlled—including FTX.com and Alameda Research.' The revised indictment further adds that SBF 'perpetrated this multibillion-dollar fraud through a series of systems and schemes that allowed him, through Alameda, to access and steal FTX customer deposits wit...
|  | FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on C...
Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking access to crypto assets associated with FTX and Alameda Research, according to a letter written by his attorney, Mark Cohen. Cohen insists that the existing bail conditions 'related to crypto asset transfers should be removed.'Bankman-Fried's Legal Team Argues for Removal of 2 Bail Conditions
In a letter to the Southern District of New York (SDNY) judge Lewis Kaplan, Sam Bankman-Fried's attorney, Mark Cohen, explains that his team believes Bankman-Fried's current bail conditions are unfair and should be removed. Bankman-Fried was indicted by a federal grand jury in Manhattan and faces eight charges, including wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations.
The former FTX CEO was released on bail and the court's Judge Kaplan imposed certain bail restrictions on Bankman-Fried. For instance, the defendant has been remanded to his parents' home in California with a government-monitored ankle bracelet. Cohen, a white-shoe lawyer who represented Ghislaine Maxwell during her recent sex trafficking case, requests that 'two additions' be removed from Bankman-Fried's bail conditions. The first is that Bankman-Fried is currently prohibited from speaking with Caroline Ellison, Gary Wang, Nishad Singh, two redacted witnesses, and George Lerner (Bankman-Fried's therapist).
Cohen st...
|  | Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal
Federal prosecutors of the Southern District of New York overseeing the current case against Sam Bankman-Fried, the disgraced founder and former CEO of FTX, want the court to impose tighter bail conditions on the defendant.
SBF Using Signal
Based on their investigations, they discovered that Sam Bankman-Fried, also known as SBF, had messaged the general counsel of FTX US via Signal.
Signal is a messaging app similar to WhatsApp. The platform offers instant messaging across platforms, allowing people to communicate privately. Signal creators’ primary focus is on security and privacy. The application is run as a non-profit managed by a foundation. Over 40 million people use it, and per court filings, SBF is one of them.
Investigators said messages sent to the general counsel of FTX US, an individual who can be a potential witness in the ongoing criminal case against SBF, were “suggestive of an effort to influence a witness’ potential testimony.'
On January 15, SBF, prosecutors say, messaged the general counsel asking if they could “reconnect” and “if there’s a way for (for them) to have a constructive relationship, use each other as resources.'
Investigators claim these messages are concerning because, considering the nature of the current investigation, the general counsel might have access to information that might help indict the defendant.
For his action, federal prosecutors are asking the overseeing jud...
|  | Sam Bankman-Fried Maintains FTX US is Solvent, Despite Debtors' Claims
FTX’s former CEO, Sam Bankman-Fried, has reiterated claims that FTX US is solvent following FTX debtors’ latest statements to the contrary.
According to Bankman-Fried, the group failed to account for customers’ bank balances, which bring the US entity’s assets well above its liabilities to customers.
Clearing the Air on FTX US
In a substack post on Wednesday, Bankman-Fried said that certain statements on Tuesday from Sullivan and Cromwell (S&C; one of the law firms managing FTX’s bankruptcy) were “extremely misleading” as they pertain to FTX US’s solvency.
At the time, the law firm stated that the assets it had managed to identify belonging to the exchange were “substantially less than the aggregate third-party customer balances suggested by the electronic ledger for FTX US.” In a separate presentation, the firm also claimed there were significant asset shortfalls at both FTX International and FTX US.
“These claims by S&C are wrong, and contradicted by data later on in the same document,” said Bankman-Fried. “FTX US was and is solvent, likely with hundreds of millions of dollars in excess of customer balances.”
Bankman-Fried told the same story about the US exchange both before and after the FTX Group filed it for bankruptcy in November, as both exchanges’ assets were separated. Similarly, John J. Ray III – FTX’s new boss overseeing the bankruptcy – to...
|  | Sam Bankman-Fried Disputes FTX US 'Shortfall' Claims, Critics Skeptical ...
Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is 'extremely misleading' and that FTX US is solvent and 'always has been.'SBF Claims Misrepresentation by Litigation Firm, Twitter Critics Doubt Solvency
Sam Bankman-Fried (SBF) is providing additional information in response to the recent press release and 20-page presentation document issued by FTX debtors and current restructuring administrators. The press release reported that investigators found $5.5 billion in liquid assets. In response, SBF posted a new blog on his Substack newsletter and stated on Twitter, 'FTX US is solvent, as it always has been.' The blog post echoes this statement and asserts discrepancies between Sullivan & Cromwell's (S&C) reporting and SBF's spreadsheet.
He disputes the assertion in the presentation that FTX US has a 'shortfall' and maintains that FTX US is not insolvent. 'S&C claims that FTX US has a shortfall,' SBF said in his latest blog post. 'That claim is false. Based on S&C's own data provided in the same court presentation, FTX US had roughly $609 million of assets ($428 million in bank accounts, plus $181 million in tokens) backing roughly $199 million in customer balances. FTX US was solvent when it was turned over to S&C, and almost ce...
|  | Anthony Scaramucci Calls Sam Bankman-Fried the Bernie Madoff of Crypto
Anthony Scaramucci - the Founder of SkyBridge Capital - admitted being wrong about the former CEO of FTX - Sam Bankman-Fried. Initially, the two had close ties as Scaramucci thought of SBF as 'the Mark Zuckerberg of crypto.'
However, the 30-year-old American is now under criminal investigation for multiple counts of fraud. Scaramucci has changed his stance, saying he is a fraudster like Bernie Madoff and must go to hell for his betrayal.
From a Friend to a Traitor
In a recent appearance at Casper Lab's Blockchain Hub event in Davos, Anthony Scaramucci regretted being close to SBF and his family over the years. The former White House official said he knew the father of FTX's former boss and teamed up on a charity event with his aunt.
He also partnered with Kevin O'Leary to introduce educational programs to kids in Miami, Florida.
Scaramucci said all those connections to SBF and people from his inner circle had caused him reputational damage:
'I had a close relationship with [Sam Bankman-Fried], I considered him a friend. So I have to tell you that betrayal and fraud—it's bad on a lot of different levels. It certainly hurt me reputationally. I felt close to him, and I felt close to his family.'
Anthony Scaramucci. Source: CNBC
He went even further, saying that 'the ninth circle of Hell' is reserved for traitors like Bankman-Fried:
'If anybody here has read Dante Alighieri's Inferno, you know what the ninth circle of Hell is reserved for. It's for t...
|  | Former President of FTX US Shares His Experience and Relationship With C...
The former president of FTX US, Brett Harrison, published a 49-part Twitter thread explaining why he left the firm and his relationship with co-founder Sam Bankman-Fried (SBF) of FTX. Before his role at FTX US, Harrison worked with SBF at Jane Street and prior to joining FTX, he worked for Citadel Securities. In the Twitter thread, the former president of the U.S. subsidiary explained that his 'relationship with Sam Bankman-Fried and his deputies had reached a point of total deterioration, after months of disputes over management practices at FTX.'Brett Harrison's Deteriorating Relationship With FTX CEO Sam Bankman-Fried Leads to Resignation
On Jan. 14, 2023, Brett Harrison, the former president of FTX US, shared his personal account of his experience working at FTX US, the United States-based crypto exchange company, for seventeen months. Harrison described his days with the U.S. exchange in a 49-part Twitter thread that goes into great detail. Initially, Harrison was excited to join the company, but over time, his relationship with the company's CEO, Sam Bankman-Fried (SBF), deteriorated due to disputes over management practices.
'Six months into my time at the company, pronounced cracks began to form in my own relationship with Sam,” Harrison said. “Around then I began advocating strongly for establishing separation and independence for the executive, legal, and developer teams of FTX US, and Sam disagreed.'
Despite facing immense pressure, Harrison persisted ...
|  | Indicted FTX Co-Founder Sam Bankman-Fried Discussed 'Pandemic Prevention...
According to public filings, former crypto billionaire and FTX co-founder Sam Bankman-Fried met with senior Biden administration officials before he was indicted for financial fraud. When asked about the visits, White House press secretary Karine Jean-Pierre told the press the meetings involved discussions about “pandemic prevention.”Senior White House Staff Met With Former Billionaire Sam Bankman-Fried to Discuss 'Crypto Industry' and 'Pandemic Prevention'
The disgraced FTX co-founder Sam Bankman-Fried (SBF), who is currently charged with eight counts of financial fraud and misconduct, met with the senior White House adviser Steve Richetti three times. SBF also met with the White House deputy chief of staff Bruce Reed on one occasion as well. SBF donated a great deal of money to Democrat leaders in the U.S., including $5.2 million in campaign donations to the current president Joe Biden.
According to reports, several members of the U.S. Democratic Party and certain campaign committees are currently under investigation by federal prosecutors for donations associated with SBF. Just recently, during a Dec. 13, 2022 press briefing, a reporter asked White House press secretary Karine Jean-Pierre if the administration would return the funds.
“I'm covered here by the Hatch Act,” Jean-Pierre remarked to the reporter. She further noted that there were limitations on what she could say to the press. ”Anything that's connected to political contributions, f...
|  | Former FTX CEO Sam Bankman-Fried Pleads Not Guilty to Criminal Charges, ...
On Jan. 3, 2023, the former FTX CEO Sam Bankman-Fried (SBF) pleaded not guilty to eight criminal charges that involve two counts of wire fraud and six counts of conspiracy. In addition to the not guilty plea, SBF’s judge Lewis Kaplan granted the defendant’s request to keep the names of his $250 million bond signees redacted. Sam Bankman-Fried Pleads Not Guilty to Criminal Charges and Fights to Keep Bond Signees Anonymous in Court
Disgraced FTX co-founder Sam Bankman-Fried (SBF) said he’s not guilty of the eight charges against him when he attended his court hearing in front of judge Lewis Kaplan on Tuesday. When SBF’s entourage arrived outside the Manhatten courthouse, his SUV was swarmed by the press and reports say the crowd was so large “Bankman-Fried’s mother was unable to exit the vehicle.” SBF’s bodyguard and security team then escorted the former FTX executive into the courthouse.
Alongside pleading not guilty to the charges against him, SBF’s attorneys filed a motion in order to keep the names of the two signees who signed SBF’s $250 million bond sealed. The attorneys insisted that SBF’s parents were already dealing with risks from their son’s case and the legal team said it wants to make sure the bail bond’s guarantors don't suffer the same fate. SBF’s bond was interesting because the former FTX executive didn't have to pay any money at all. His parents had to secure the bond with th...
| | Sam Bankman-Fried Pleads Not Guilty, Trial Date Set
Unlike two of his former colleagues, FTX's co-founder Sam Bankman-Fried pleaded not guilty to criminal charges that he knowingly cheated investors.
US District Judge Lewis Kaplan set the trial date for the start of October.
SBF was expected to have his first hearing on January 3 after his arrest in the Bahamas last month and the subsequent deportation to the United States.
Leaked documents suggested that he would plead not guilty to the criminal charges alleging that he cheated investors by funneling the funds they deposit on FTX for his personal purposes and Alameda's trading.
Some of the other charges he faced in the Manhattan federal court included wire fraud and money laundering conspiracy. SBF indeed pleaded not guilty to all charges.
Judge Lewis Kaplan set the trial date for October 2, saying it could last four weeks. If found guilty, the former crypto mogul could be sent to prison for up to 115 years.
SBF's plea is entirely different than those of Alameda's former CEO - Caroline Ellison, and the ex-FTX CTO - Gary Wang, as both already pleaded guilty.
Bankman-Fried was released on a $250 million bond before Christmas. He has to wear an electronic monitoring device while residing at his parent's house.
Despite the restrictions imposed by the court, there were several suspicious transactions from Alameda or personal SBF crypto wallets in the past few weeks. Bankman-Fried denied some, but US authorities will reportedly probe those transfers.
More detailed information on t...
|  | Sam Bankman-Fried Released on a $250M Bail, Can Stay at Parents' House
In yet another turn of events, Sam Bankman-fried is reportedly released and can stay at his parents' house in California.
According to a recent report by Bloomberg, SBF was released on a $250 million bail that was secured by his parents.
He can stay at their home in California.
This story is developing.
The post Sam Bankman-Fried Released on a $250M Bail, Can Stay at Parents' House appeared first on CryptoPotato.
|  | Sam Bankman-Fried Heading Back to US on Wednesday: Report
Sam Bankman-Fried, the former boss of the failed cryptocurrency exchange FTX, is flying back to the United States as early as Wednesday.
This was revealed by Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services, according to a new report by NBC News.
Bankman-Fried, who is currently in the Fox Hill jail of the Bahamas, declined to waive his right to challenge extradition to the United States and signed the necessary paperwork for the process.
Cleare did not reveal the reason behind the move but noted that fighting the extradition could take years.
In a statement to the Bahamanian newspaper, he said that Bankman-Fried would prefer to spend that time in the US than the Bahamas despite the island nation being home to FTX since 2021.
Jerone Roberts - the attorney representing SBF - confirmed that the former exec 'voluntarily agreed to be voluntarily extradited to the United States of America.'
Certain reports claimed that the FTX founder will be escorted by FBI agents in a non-commercial aircraft.
Bankman-Fried was arrested by Bahamian police on December 12th and held at the notorious Fox Hill prison.
The 30-year-old is accused of misappropriating billions of dollars deposited in the crypto exchange FTX that filed for Chapter 11 bankruptcy protection last month.
The day after his arrest, a Bahamian judge denied Bankman-Fried's request for bail, calling the former billionaire a flight risk.
The exec is facing a litany of charges b...
|  | Sam Bankman-Fried Won't Contest Extradition to the US: Report
Sam Bankman-Fried - the former CEO of defunct crypto exchange FTX - will supposedly reverse his decision to contest extradition to the US.
According to a Reuters report, SBF will appear before the court in the Bahamas on Monday, December 19.
Bankman-Fried is currently held at a correctional facility in the Bahamas following his arrest on December 13.
He faces multiple charges, including criminal, and is being investigated by the DOJ, SEC, and the CFTC.
It was previously said that SBF will fight extradition requests, but according to sources familiar with the matter, he will be reversing this decision on Monday (December 19th).
The post Sam Bankman-Fried Won't Contest Extradition to the US: Report appeared first on CryptoPotato.
| | A Closer Look at What Sam Bankman-Fried is Accused of Exactly
FTX and Alameda Research founder Sam Bankman-Fried (SBF) was the town's buzziest megadonor. Over the past couple of years, he had given tens of millions to federal candidates and groups that earned him the poster child of crypto in the eyes of regulators.
The success story turned into a swift trainwreck after his crypto empire collapsed in November. FTX is now being touted as one of the biggest financial frauds in American history, dragging down its orchestrator as well as several other companies into bankruptcy. That has not pushed Bankman-Fried to lay low. In fact, he has been on an aggressive media tour and even jumped on a handful of less formal Twitter spaces for impromptu conversations.
But very little was revealed on camera beyond what reporters have already exposed, and the exec cunningly circumnavigated questions. Despite being apologetic, his emphasis is on negligence and not committing fraud. Regulators, however, aren't sold.
All the political and philanthropic influence failed to shield the disgraced exec. Bankman-Fried was arrested on criminal charges on 12th December in the Bahamas. The authorities said that the US is likely to formally request extradition where the former exec faces a litany of charges brought by three separate government agencies - the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC).
Let's dive deeper into the charges themselves.
Source: Sky News
SEC: 2 Counts of Se...
|  | US Securities Watchdog Charges Sam Bankman-Fried With Fraud Over FTX Col...
According to a statement published on Dec. 13, 2022, the U.S. Securities and Exchange Commission (SEC) has charged the disgraced FTX co-founder Sam Bankman-Fried (SBF) with defrauding investors. SEC chairman Gary Gensler explained that the U.S. financial regulator alleges that SBF “built a house of cards on a foundation of deception.”U.S. SEC Contends Former FTX CEO SBF Committed Fraud, Crypto Firms Warned the 'Sec’s Enforcement Division Is Ready to Take Action'
Following the arrest of the former FTX CEO Sam Bankman-Fried (SBF) in The Bahamas, the U.S. Securities and Exchange Commission (SEC) has revealed charges against the FTX co-founder. The SEC complaint contends that “Bankman-Fried orchestrated a years-long fraud to conceal from FTX’s investors” the undisclosed funneling of customer funds from FTX to Alameda Research. This includes providing Alameda “with a virtually unlimited ‘line of credit’ funded by the platform’s customers.”
In addition to the SEC, on Dec. 12, 2022, after SBF was arrested, a report detailed that the Southern District of New York (SDNY) prosecutors office and SDNY attorney Damian Williams have confirmed SBF was charged. The report noted that SBF’s charges included “wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.”
“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the...
|  | What Sam Bankman-Fried Planned to Tell Congress About FTX's Collapse
Disgraced FTX founder Sam Bankman-Fried (SBF) was planning to deliver congressional testimony before the House Financial Services Committee on Tuesday regarding his exchange’s fallout.
While his arrest by Bahamian regulators has put a wrench in those plans, a draft version of his prepared remarks has been made public. Here are the highlights:.
Per the draft report provided by Forbes, Bankman-Fried claims to have been ghosted by John Ray – FTX’s new court-appointed CEO. He believes Ray and other law firms managing the bankruptcy (Sullivan and Cromwell) are attempting to extort as many fees as possible from the process.
Bankman-Fried echoed previous claims that Ryne Miller – general counsel for FTX US and a former Sullivan and Cromwell partner – pressured him into filing FTX US for bankruptcy, despite it being “fully solvent”.
“I have 19 pages of screenshots of Sullivan & Cromwell, Mr. Miller, and others I believe were influenced by them, all sent over a two-day period, pressuring me to quickly file for Chapter 11,” wrote SBF. “They range from adamant to mentally unbalanced.”
The exchange founder also accused John Ray and the U.S. bankruptcy court of a form of racism against Bahamian regulators, whom he believes are being unduly criticized. “Their assumption, without evidence, of malign intent and incompetence on the part of other races, cultures, and governments would be considered deeply offensive if dir...
|  | Sam Bankman-Fried Wants to Start New Business to Repay FTX Users —...
Former FTX CEO Sam Bankman-Fried (SBF) has revealed that he wants to start another business in the hope of earning money to repay FTX customers. 'I would give anything to be able to do that. And I'm going to try if I can,' he said.SBF Wants to Start a New Business
Sam Bankman-Fried (SBF), former CEO of the collapsed crypto exchange FTX, was asked in an interview with the BBC, published Saturday, whether he planned to start a new business venture to earn the money to pay FTX investors and customers back. The former FTX boss replied:
I would give anything to be able to do that. And I'm going to try if I can.
He added: 'I'm going to be thinking about how we can help the world and if users haven't gotten much back, I'm going to be thinking about what I can do for them. And I think at the very least I have a duty to FTX users to do right by them as best as I can.'
FTX filed for bankruptcy on Nov. 11 and an estimated one million customers and investors lost billions of dollars in the exchange collapse. However, Bankman-Fried has insisted that he did not knowingly commingle customer funds or commit fraud. SBF told the news outlet:
I didn't knowingly commit fraud, I don't think I committed fraud, I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was.
Bankman-Fried was also asked whether he is prepared for the possibility of him going to prison. The former FTX CEO replied:
There's some time at night ruminating, yes, but when I get up during t...
|  | Sam Bankman-Fried Blames CZ For The FTX Collapse
Every day, the crypto ecosystem finds evidence of unethical practices by Sam Bankman-Fried and/or his team. However, the founder of FTX and Alameda Research denies his responsibility for the sudden failure of his businesses, stating that he was unaware of any wrongdoing. But who's responsible? Sam already has somebody in mind.
In an interview with Forbes on December 12, Sam Bankman-Fried, the former CEO of FTX, once again blamed Binance CEO Changpeng Zhao for the failure of his exchange. Bankman-Fried claimed that Zhao had intentionally plotted to sabotage FTX in order to eliminate competition.
Sam Bankman-Fried doubled down on his allegations that CZ was lying and claimed the was unaware of the negative impact this would have on the crypto market and the broader industry.
'I think he probably did better than he thought he would. I don't think he thought this was going to be the outcome. I think he thought it was going to be damaging, but not this damaging.'
What Happened?
The conflict between the two crypto industry leaders had some time in the oven, but the breaking point happened on November 6, when Changpeng Zhao, CEO of Binance, tweeted his plans to liquidate all the FTT tokens held by the company (FTT is FTX's native token). This was in response to recent revelations about FTX's liquidity.
That same day, SBF affirmed that FTX had no liquidity issues and that the rumors spread by its competitors were only meant to hurt the company's image.
However, on November 8, S...
|  | FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress
The co-founder of collapsed crypto exchange FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of the two congressional hearings set for next week. 'I had thought of myself as a model CEO, who wouldn't become lazy or disconnected,' Bankman-Fried claimed.Sam Bankman-Fried to Testify Before Congress
Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify before the House Committee on Financial Services after the committee's chair, Congresswoman Maxine Waters, politely tweeted inviting him to testify several times.
'I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,' Bankman-Fried tweeted to Rep. Waters Friday.
'I will try to be helpful during the hearing, and to shed what light I can on FTX US's solvency and American customers, pathways that could return value to users internationally, what I think led to the crash, [and] my own failings,' he detailed in a follow-up tweet, elaborating:
I had thought of myself as a model CEO, who wouldn't become lazy or disconnected, which made it that much more destructive when I did. I'm sorry. Hopefully people can learn from the difference between who I was and who I could have been.
Another congressional hearing is set for Wednesday, Dec. 14. U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing,...
| | Sam Bankman-Fried to Binance CEO: You Won, Stop Lying
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings.
During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy.
CZ’s Story
CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout.
In his interview with CNBC, the Shark Tank star suggested that FTX spent much of its cash attempting to buy back its equity from Binance due to the latter’s “opque” ownership. He also refrained from accusing Bankman-Fried of fraud, as he has done multiple times since FTX’s bankrupcy.
O’Leary was paid $15 million to promote FTX’s brand in August 2021, and was an early investor in the company. CZ believes this has something to do with why he would seemingly run defense for FTX and SBF – even after the exchange’s collapse.
“Unlike Kevin O’Leary, we continue to do due diligence even after we make an investment,” said CZ. “As an early investor in FTX, we became increasingly uncomfortable with Alameda/SBF and initiated the exit process more than 1.5 years ago.”
According to CZ, Binance began to leave behind its equity position in July 2021 due to worries about SBF and Alameda’s practices. This, per the Binance CEO, set off Bankman-Fried on multiple &l...
|  | US Senator Calls Sam Bankman-Fried to Answer for Failure of FTX and Alam...
Two congressional hearings will be held next week on the collapse of cryptocurrency exchange FTX and U.S. lawmakers have asked former FTX CEO Sam Bankman-Fried (SBF) to testify. As the founder of FTX and Alameda Research, 'you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors,' Senator Sherrod Brown told Bankman-Fried.
2 Congressional Hearings on FTX Set for Next Week
The House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs are separately holding a hearing on the collapse of crypto exchange FTX next week.
U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and Urban Affairs, sent a letter to former FTX CEO Sam Bankman-Fried (SBF) Wednesday asking him to attend his committee's hearing titled 'Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers' that will take place on Dec. 14. The letter states:
As the founder and CEO of FTX Trading Ltd. at the time of its collapse and the founder, principal owner, and former CEO of Alameda Research, you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors.
'There are still significant unanswered questions about how client funds were misappropriated, how clients were blocked from withdrawing thei...
|  | Lawmaker Pleads With Sam Bankman-Fried to Attend Congress Hearing on FTX...
Congresswoman Maxine Waters, chair of the House Committee on Financial Services, has politely asked former FTX CEO Sam Bankman-Fried (SBF) to attend a congressional hearing on the collapse of his cryptocurrency exchange. Bankman-Fried says he will testify when he has finished 'learning and reviewing what happened.'Bankman-Fried Responds to Rep. Waters' Invitation
The U.S. House Committee on Financial Services will hold a congressional hearing on the collapse of crypto exchange FTX on Dec. 13. Congresswoman Maxine Waters (D-CA), the committee's chair, has been trying to get former FTX CEO Sam Bankman-Fried (SBF) to attend the hearing. However, instead of issuing a subpoena for him to testify, Waters politely asked him on Twitter Friday.
'We appreciate that you've been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company's customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th,' she tweeted.
Bankman-Fried responded to Waters on Twitter Saturday:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I'm not sure that will happen by the 13th. But when it does, I will testify.
Waters Insists SBF Must Attend Next Week's Hearing
Congresswoman Waters responded to Bankman-Fried Monday: 'Based on your role as CEO and your media interviews over the past few weeks, it's clear to us that the ...
|  | Coinbase CEO Slams Sam Bankman-Fried for Blaming FTX's $8 Billion Hole o...
The chief executive of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, has slammed former FTX CEO Sam Bankman-Fried (SBF) for claiming that FTX is missing $8 billion due to an 'accounting error.' He stressed: 'It's stolen customer money used in his hedge fund, plain and simple.'Brian Armstrong on SBF's 'Accounting Error' Claim
The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has slammed FTX co-founder Sam Bankman-Fried (SBF) for blaming his collapsed exchange's $8 billion hole on an 'accounting error.'
Bankman-Fried was asked in an interview with Bloomberg, published Friday, how he 'misplaced $8 billion.' The former FTX boss replied: 'Misaccounted.' He further explained that FTX customers sometimes wired money to his trading firm, Alameda Research, instead of sending it directly to FTX. The crypto exchange's internal accounting system then double-counted the money, crediting it to both the exchange and the customers.
Many people do not believe Bankman-Fried's excuse, including the CEO of Coinbase. Armstrong tweeted Saturday:
I don't care how messy your accounting is (or how rich you are) — you're definitely going to notice if you find an extra $8B to spend.
'Even the most gullible person should not believe Sam's claim that this was an accounting error,' the Coinbase executive stressed.
Armstrong emphasized in a follow-up tweet:
It's stolen customer money used in his hedge fund, plain and simple.
While m...
|  | Sam Bankman-Fried Unsure if He Will Testify Before December 13th
Back on December 12th, Congresswoman Maxine Waters, representative of California's 43rd district, openly invited the former CEO of FTX - Sam Bankman-Fried - to testify with aim of helping the public understand what happened with the exchange.
It appears that SBF is unlikely to make this appearance.
Despite the multiple public appearances of SBF throughout the past week, he seems unlikely to testify during the hearing of the US House Committee on Financial Services on December 13th.
The invitation was sent by Congresswoman Maxine Waters on December 2nd, who said:
... we appreciate that you've been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company's customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.
However, Bankman-Fried claims that he hasn't 'finished learning and reviewing what happened' and that he is 'not sure that will happen by the 13th.' Yet, he said he will testify once that happens without providing a clear timeframe.
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
— SBF (@SBF_FTX) December 4, 2022
During the past week, SBF made a few appearances on different Twitter spaces and int...
|  | Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, C...
The host of Mad Money, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is a pathological liar and a conman. 'That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing,' Cramer stressed. Jim Cramer on Sam Bankman-Fried and FTX Collapse
The host of CNBC's Mad Money show, Jim Cramer, shared his thoughts about the collapse of crypto exchange FTX and its co-founder and former CEO Sam Bankman-Fried (SBF) in a couple of interviews on CNBC Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Commenting on Bankman-Fried's claim during an interview at the New York Times Dealbook Summit that he 'didn't try to commit fraud on anyone,' Cramer said:
That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing. If you commingle, if you had no record keeping, those are against the law.
'You were sloppy, you didn't keep records —illegal — alright, so if you're admitting to illegality, even though you think that you had no intent, the U.S. attorney does not care one wit about intent, but what the U.S. attorney cares about is: did you break the law,' Cramer stressed.
'Being a nice guy, which he clearly is, is irrelevant ... It means absolutely nothing. Some of the nicest people I know have spent some serious time in jail,' the Mad Money host shared.
Referring to Bankman-Fried, Cramer emphasized:
He's a pathological liar. He's a conman.
'He admitted to commingling accounts t...
|  | Elon Musk Suspects Former FTX CEO Sam Bankman-Fried Donated Over $1 Bill...
Tesla CEO and Twitter chief Elon Musk says that former FTX CEO Sam Bankman-Fried (SBF) probably donated over $1 billion to support the Democratic Party, which would be a much larger sum than the number publicly disclosed. Many people slammed Musk for making accusations without providing proof. 'This statement is so unbelievably irresponsible,' one commented. Elon Musk Believes SBF Donated Over $1B to Democratic Party
Tesla CEO and Twitter chief Elon Musk believes that Sam Bankman-Fried (SBF), co-founder and former CEO of the collapsed cryptocurrency exchange FTX, donated much more than the publicly disclosed amount to support the Democratic Party in elections.
Bankman-Fried was the second largest donor to the Democratic Party, after billionaire George Soros, in the 2021-2022 election cycle. According to Opensecrets, he donated $39,884,256 to Democrats before FTX imploded and had to file for bankruptcy. An estimated one million customers and investors lost billions of dollars in the exchange collapse. FTX is currently being investigated for mishandling customer funds.
Musk's statement was in response to a comment on Twitter stating that Bankman-Fried donating $40 million to avoid jail after stealing over $10 billion is one of the highest Return on Investment (ROI) trades of all time. Musk claimed that the $40 billion is just the publicly disclosed number, noting that Bankman-Fried's actual election support of the Democratic Party is 'probably' over $1 billion. 'The money went ...
|  | Sam Bankman-Fried Addresses $8 Billion Balance Sheet Deficit, The Key Ta...
The entire crypto market bled with multiple losses and asset devaluation after the collapse of Sam Bankman-Fried's crypto exchange FTX. In addition, crypto firms exposed to FTX got a fair share of the bitter pill.
Investigations have been ongoing to determine the location of the $8 billion hole in FTX's balance sheet, which caused the liquidity crunch.
The deficit in FTX's balance sheet kept growing. The firm initially declared only $2 billion and later said it was $5 billion. The hole has now grown to over $8 billion.
In a recent Bloomberg interview, Sam Bankman-Fried (SBF), FTX former CEO, revealed the whereabouts of the funds. SBF said he showed investors a separate balance sheet at an emergency bailout.
According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets. The report also mentioned $3.2 billion in illiquid assets.
Sam Bankman-Fried Reveals Conflicting Balance Sheets
He revealed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet bears similar numbers but $8 billion less liquid assets. SBF said he misquoted the numbers.
He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX's internal audit system double-counted the amount and credited it to both firms.
Following SBF's statement, FTX and Alameda Research had the highest cash flow, but Binance, a rival, became the h...
|  | US Regulator CFTC Met With Sam Bankman-Fried 10 Times Before Crypto Exch...
The chairman of the Commodity Futures Trading Commission (CFTC) has revealed that he and his team met with Sam Bankman-Fried and other FTX executives 10 times before the crypto exchange filed for bankruptcy. The regulator sees the FTX collapse as 'a classic run based on liquidity crunch.'CFTC's Meetings With FTX and Sam Bankman-Fried
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, shared details of his agency's meetings with executives of collapsed crypto exchange FTX before the Senate Committee on Agriculture, Nutrition, and Forestry on Thursday.
Behnam told senators that he and a number of high-level CFTC officials met with former FTX CEO Sam Bankman-Fried (SBF) 10 times over the past 14 months. The meetings were centered around FTX's application to amend the clearinghouse license for Ledgerx, a CFTC-regulated entity that FTX bought last year. FTX and about 130 affiliated companies filed for bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. Ledgerx was excluded from the bankruptcy filing.
The CFTC chairman said:
My team and I met with Mr. Bankman-Fried and his team. Over the past 14 months, we met 10 times in the CFTC office at their request — all in relation to this clearinghouse application.
Nine meetings were in Washington, D.C., and one was at a conference in Florida, the CFTC chairman noted. He further clarified that there were also phone calls, text messages, and emails exchanged between CFTC officials and FTX relat...
|  | Kevin O'Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried &mdas...
Shark Tank star Kevin O'Leary and billionaire hedge fund manager Bill Ackman have been slammed for stating that they believe Sam Bankman-Fried (SBF) was telling the truth that he 'didn't knowingly commingle funds.' The former CEO of the collapsed crypto exchange FTX also said he 'wasn't running Alameda,' so he 'didn't know exactly what was going on.'Kevin O'Leary, Bill Ackman Defend Sam Bankman-Fried
Shark Tank star Kevin O'Leary, aka Mr. Wonderful, and billionaire hedge fund manager Bill Ackman were slammed Thursday after they said they believe former FTX CEO Sam Bankman-Fried (SBF) was telling the truth during an interview at The New York Times' Dealbook Summit, aired Wednesday evening. Crypto exchange FTX collapsed and filed for bankruptcy on Nov. 11. An estimated one million customers and investors lost billions of dollars in the exchange meltdown.
Bankman-Fried said during the interview that he 'didn't knowingly commingle funds.' He also shifted blame to Alameda Research, stating: 'I wasn't running Alameda … I didn't know exactly what was going on.'
While most people in the crypto community do not believe Bankman-Fried's story, at least two prominent people spoke up in favor of the former FTX CEO. Ackman, the CEO and portfolio manager of Pershing Square Capital Management, tweeted after the interview: 'Call me crazy, but I think SBF is telling the truth.'
O'Leary quickly concurred, tweeting that he lost millions as an investor in FTX and got sandblasted as a paid ...
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