Who is Sam Benjamin Bankman Fried?

American entrepreneur Samuel Benjamin Bankman-Fried is accused of defrauding cryptocurrency users. The creator and CEO of the cryptocurrency exchange FTX .

Bankruptcy of FTX

He launched FTX in 2019 and grew it into one of the leading exchanges for buying and selling crypto derivatives. In early 2022, investors valued FTX and its U.S. operations at a combined $40 billion.

After users began withdrawing their investments from FTX at a rapid pace, Bankman-Fried filed for bankruptcy for FTX, FTX's U.S. operations and Alameda Research.

Arrest and charges

Bankman-Fried would face a maximum of 115 years in prison if convicted on all eight counts and sentenced to serve each charge consecutively.

Four additional criminal charges levied against Bankman-Fried were announced on February 23, 2023, primarily focused on his making "more than 300 illegal political donations.

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