From crypto king to convicted fraudster: Sam Bankman-Fried’s spectacular fall from grace
Sam Bankman-Fried was once hailed as the boy wonder of the crypto industry – an “altruistic” self-made billionaire who hung out with presidents and pop stars and had the ear of lawmakers from both parties in Washington DC.
Nearly one year after his cryptocurrency empire FTX imploded, the 32-year-old was found guilty of committing one of the largest corporate frauds in US history, following a trial in New York. Then, District Judge Lewis Kaplan sentenced Bankman-Fried to 25 years in prison and ordered him to forfeit $11.2bn on 28 March 2024.
Prosecutors argued that Bankman-Fried siphoned billions of dollars from FTX customers to prop up his ailing hedge fund Alameda Research, while funding a luxurious life in the Bahamas.
They outlined to the jury how he sought to gain political influence by making $100m in political donations prior to the
