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Headline : The rise and fall of Sam Bankman-Fried, from cryptocurrency fame to prison sentence

Read more from the original article on here at qz.com.




Tags : #rise #fall #sam #bankmanfried #cryptocurrency #fame #prison #sentence


No. of Paragraph 26

Sam Bankman-Fried, the disgraced cryptocurrency executive who was convicted of fraud in the spectacular collapse of the crypto exchange FTX, was sentenced to 25 years in prison on March 28, 2024.

The sentence, handed down by a federal judge in New York, capped an incredible fall from grace for a young financier who was once the poster boy for the emerging crypto industry before he joined the likes of Bernie Madoff as one of America’s biggest financial fraudsters ever.

Sam-Bankman Fried launched the cryptocurrency exchange FTX in 2019, and it went bankrupt in 2022. Born in 1992 in California, he grew up in an academic family, with both of his parents professors at Stanford Law School.

He earned a physics degree with a minor in mathematics from MIT in 2014. While in the program, he worked as an intern in 2013 for the trading firm Jane Street Capital in New York. It was there that he met Caroline Ellison, who later became his girlfriend. Ellison was also the CEO of Alameda Research, a quantitative cryptocurrency trading firm and SBF’s first company, founded in 2017. It was later discovered that he built FTX to support Alameda’s trading business.

Read more from the original article on here at qz.com.


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