The fallen kings of crypto
Born to Stanford University professors, Bankman-Fried graduated from MIT with a degree in physics.
In 2019, he founded FTX, which skyrocketed to become the world’s second-largest crypto exchange.
Along the way, Bankman-Fried built up his image as the unofficial ambassador for the cryptocurrency industry, with high-profile appearances in the media and even the US Congress.
At one point in 2022, he had a net worth of $24 billion, according to Forbes.
But he had been walking a dangerous path — his team used customers’ money for everything from buying posh real estate to covering risky moves by affiliate Alameda Research.
It all came crashing down when these moves were revealed in the media in November 2022. Within hours, rival CZ Zhao said Binance would sell all the FTX tokens it held.
It sparked a stunning collapse of FTX and Bankman-Fried’s empire, his fame turning to notoriety.
Arrested in the Bahamas in January, he was found guilty this month of what US prosecutors described as “one of the biggest financial frauds in American history”. He faces up to 110 years in prison.
During his trial, the 31-year-old admitted to making “mistakes” but denied trying to defraud anyone.
– Do Kwon –
South Korean entrepreneur Do Kwon co-founded Terraform Labs in 2018, developing the cryptocurrencies TerraUSD and Luna.
