Events leading up to FTX founder Sam Bankman-Fried’s 25-year sentence
NEW YORK :Sam Bankman-Fried used to be sentenced to 25 years in detention middle on Thursday over his conviction on fraud prices stemming from the dramatic crumple of the FTX cryptocurrency alternate he based mostly.
Below is a timeline of occasions main as much as the 32-year-previous used billionaire’s sentencing:
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2017
Bankman-Fried, a Massachusetts Institute of Expertise graduate, quits his job as a quantitative provider at Jane Aspect road Capital and launches Alameda Be taught, a buying and selling firm interested by cryptocurrency.
MAY 2019
Bankman-Fried and used Google employee Gary Wang chanced on FTX as a brand unusual platform to alternate crypto tokens and derivatives.
OCTOBER 2021
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FTX raises $420 million in mission funding, valuing the firm at $25 billion. Bankman-Fried debuts on the Forbes billionaires list, which estimates his procure price at $22.5 billion. The magazine’s overview of his wealth would rise to $26 billion by the tip of the year.
FEBRUARY 2022
The NFL Ravishing Bowl’s broadcast is heavy on cryptocurrency adverts, signifying the tip of the rage for the booming asset class. FTX’s “Don’t Bound over Out” direct functions actor Larry David, whose skepticism referring to the platform is portrayed as similar to an early human doubting the importance of the wheel.
JUNE-JULY 2022
Bankman-Fried emerges because the cryptocurrency sector’s so-known as “white knight” amid a crumple within the prices of Bitcoin and other digital property. Alameda provides crypto lender Voyager Digital a $200 million credit ranking facility, and FTX provides lender BlockFi a $250 million loan.
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NOV. 2, 2022
Crypto news web lisp online CoinDesk publishes a leaked Alameda Be taught balance sheet exhibiting that noteworthy of its $14.6 billion in property is held in FTX’s fill token, known as FTT. The token therefore sheds spherical $400 million of its market cap, and rival alternate Binance says this might per chance possibly well fair promote its FTT holdings.
NOV. 11, 2022
FTX recordsdata for U.S. economic spoil protection after a wave of customer withdrawals, and Bankman-Fried resigns as its chief govt officer.
DEC. 12, 2022
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Bankman-Fried is arrested within the Bahamas, where he lives and where FTX is essentially based mostly. The U.S. Attorney’s space of labor in Prolonged island later confirms that a federal noteworthy jury has indicted him for fraud and conspiracy prices.
DEC. 21, 2022
Bankman-Fried leaves the Bahamas after agreeing to be extradited to the US. Whereas he’s within the air, prosecutors stamp that Wang and Alameda chief govt Caroline Ellison fill pleaded responsible and agreed to cooperate with prosecutors.
DEC. 22, 2022
Bankman-Fried makes an initial look in Prolonged island federal court and is released to home detention at his oldsters’ home in Palo Alto, California, on $250 million bond.
JAN. 3-12, 2023
Bankman-Fried pleads not responsible and U.S. District Judge Lewis Kaplan schedules his trial for October. In a put up-arrest weblog put up, Bankman-Fried denies stealing funds and blames FTX’s crumple on a broader downturn in crypto markets.
AUG. 11, 2023
Kaplan revokes Bankman-Fried’s bail after discovering doable trigger to imagine he tampered with witnesses no decrease than twice, together with by sharing Ellison’s non-public writings with a New York Cases reporter. Bankman-Fried is remanded to Brooklyn’s Metropolitan Detention Heart pending trial.
OCT. 3, 2023
Trial begins in Prolonged island federal court.
OCT. 28, 2023
Bankman-Fried testifies in his fill defense, announcing a “lot of of us got hurt” when FTX collapsed however insisting he didn’t defraud somebody or steal billions of dollars from possibilities.
NOV. 2, 2023
Bankman-Fried is convicted of all seven prices he confronted.
MARCH 28, 2024
Kaplan sentences Bankman-Fried to 25 years in detention middle.
Source: Reuters
