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Sam Bankman-Fried (born March 6, 1992) is an American entrepreneur and former cryptocurrency exchange executive. He is best known as the founder and CEO of FTX, a cryptocurrency exchange that rapidly rose to prominence before its collapse in November 2022. Bankman-Fried also founded Alameda Research, a quantitative cryptocurrency trading firm.
Bankman-Fried was born in Stanford, California, to professors of law at Stanford University. He studied physics and mathematics at the Massachusetts Institute of Technology (MIT), graduating in 2014. After a brief tenure at the proprietary trading firm Jane Street, he transitioned into the cryptocurrency industry, founding Alameda Research in 2017.
In 2019, he launched FTX, positioning it as a user-friendly platform for cryptocurrency derivatives and spot trading. The exchange quickly gained a reputation for its innovation and aggressive marketing, securing celebrity endorsements and naming rights to sports venues. By 2021, FTX was one of the largest cryptocurrency exchanges globally, and Bankman-Fried’s net worth was estimated at over $20 billion.
Bankman-Fried was a vocal advocate for effective altruism, pledging to donate much of his wealth to high-impact philanthropic causes. He also became a prominent figure in political lobbying, contributing millions to U.S. political campaigns.
In late 2022, FTX filed for bankruptcy following revelations of financial mismanagement and alleged misuse of customer funds. The scandal led to a collapse in Bankman-Fried’s personal fortune and his resignation as CEO. In 2023, he faced multiple charges of fraud and conspiracy, marking one of the most high-profile corporate collapses in recent history.
As of 2024, Bankman-Fried’s legal proceedings continue, and his case remains a focal point in discussions about cryptocurrency regulation and corporate accountability.
