2017
Bankman-Fried, a Massachusetts Institute of Know-how graduate, quits his job as a quantitative dealer at Jane Road Capital and launches Alameda Analysis, a buying and selling agency targeted on cryptocurrency.
MAY 2019 Bankman-Fried and former Google worker Gary Wang discovered FTX as a brand new platform to commerce crypto tokens and derivatives.
OCTOBER 2021 FTX raises $420 million in enterprise funding, valuing the corporate at $25 billion. Bankman-Fried debuts on the Forbes billionaires record, which estimates his web price at $22.5 billion. The journal’s evaluation of his wealth would rise to $26 billion by the top of the 12 months.
FEBRUARY 2022
The NFL Tremendous Bowl’s broadcast is heavy on cryptocurrency ads, signifying the peak of the craze for the booming asset class. FTX’s “Do not Miss Out” spot options actor Larry David, whose skepticism concerning the platform is portrayed as akin to an early human doubting the significance of the wheel.
JUNE-JULY 2022 Bankman-Fried emerges because the cryptocurrency sector’s so-called “white knight” amid a collapse within the costs of Bitcoin and different digital property. Alameda provides crypto lender Voyager Digital a $200 million credit score facility, and FTX provides lender BlockFi a $250 million mortgage.
NOV. 2, 2022 Crypto information web site CoinDesk publishes a leaked Alameda Analysis stability sheet exhibiting that a lot of its $14.6 billion in property is held in FTX’s personal token, referred to as FTT. The token subsequently sheds round $400 million of its market cap, and rival change Binance says it’ll promote its FTT holdings.
NOV. 11, 2022 FTX information for U.S. chapter safety after a wave of buyer withdrawals, and Bankman-Fried resigns as its chief govt officer.
DEC. 12, 2022 Bankman-Fried is arrested within the Bahamas, the place he lives and the place FTX relies. The U.S. Lawyer’s workplace in Manhattan later confirms {that a} federal grand jury has indicted him for fraud and conspiracy costs.
DEC. 21, 2022 Bankman-Fried leaves the Bahamas after agreeing to be extradited to the US. Whereas he’s within the air, prosecutors reveal that Wang and Alameda chief govt Caroline Ellison have pleaded responsible and agreed to cooperate with prosecutors.
DEC. 22, 2022 Bankman-Fried makes an preliminary look in Manhattan federal court docket and is launched to dwelling detention at his dad and mom’ dwelling in Palo Alto, California, on $250 million bond.
JAN. 3-12, 2023 Bankman-Fried pleads not responsible and U.S. District Choose Lewis Kaplan schedules his trial for October. In a post-arrest weblog publish, Bankman-Fried denies stealing funds and blames FTX’s collapse on a broader downturn in crypto markets.
AUG. 11, 2023 Kaplan revokes Bankman-Fried’s bail after discovering possible trigger to consider he tampered with witnesses not less than twice, together with by sharing Ellison’s personal writings with a New York Instances reporter. Bankman-Fried is remanded to Brooklyn’s Metropolitan Detention Middle pending trial.
OCT. 3, 2023
Trial begins in Manhattan federal court docket.
OCT. 28, 2023
Bankman-Fried testifies in his personal protection, saying a “lot of individuals received damage” when FTX collapsed however insisting he didn’t defraud anybody or steal billions of {dollars} from clients.
NOV. 2, 2023
Bankman-Fried is convicted of all seven costs he confronted.
MARCH 28, 2024
Kaplan sentences Bankman-Fried to 25 years in jail.
#Occasions #main #FTX #founder #Sam #BankmanFrieds #25year #sentence