Who Is Samuel Bankman-Fried?
Samuel Bankman-Fried, also known by his initials SBF, is an American entrepreneur, investor, and ex-billionaire. Bankman-Fried was the pioneer and CEO of the cryptocurrency exchange FTX, FTX.US, and cryptocurrency trading enterprise Alameda Research.
Samuel Bankman-Fried Age
Samuel Bankman-Fried is 30 years old (as of 2023)
Samuel Bankman-Fried Early Life And Education
Bankman-Fried was born in 6 march 1992 on the campus of Stanford University into a Jewish family. He is the son of Barbara Fried and Joseph Bankman, both lecturers at Stanford Law School.
His aunt, Linda P. Fried, is the dean of Columbia University Mailman School of Public Health. His brother, Gabriel Bankman-Fried, is a former Wall Street trader and the former director of the non-profit Guarding Against Pandemics and its associated political action committee.
Bankman-Fried went to Canada/USA Mathcamp, a summer program for high school students who are mathematically talented. He attended high school at Crystal Springs Uplands School in Hillsborough, California.
From 2010 to 2014, Bankman-Fried went to the Massachusetts Institute of Technology. There, he resided in a coeducational group house called Epsilon Theta. In 2014, he finished with a bachelor’s degree in physics and a minor in mathematics.
Samuel Bankman-Fried Religion
Even though Sam Bankman-Fried was born into a Jewish family, he doesn’t look stead, he adopts utilitarianism and pursues to maximize family happiness.
Samuel Bankman-Fried Career
In the year 2013, Bankman-Fried served as an intern at Jane Street Capital, a proprietary trading organization, trading international ETFs. He went back to work there full-time after he graduated from MIT.
In September 2017, Bankman-Fried walked out of Jane Street and moved to Berkeley, where he worked shortly at the Centre for Effective Altruism as director of development from October to November 2017.
In November 2017, he co-founded Alameda Research, a quantitative trading enterprise, with Tara Mac Aulay from the Centre of Effective Altruism. As of 2021, Bankman-Fried owned approximately 90 per cent of Alameda Research.
In January 2018, Bankman-Fried established an arbitrage trade, moving up to $25 million per day, to take advantage of the increased price of bitcoin in Japan compared to in America. After attending an overdue 2018 cryptocurrency conference in Macau, he moved to Hong Kong.
Bankman-Fried founded FTX, a cryptocurrency derivatives exchange, in April 2019; it opened for business the following month. On December 8, 2021, Bankman-Fried, along with other industry executives, confirmed before the Committee on Financial Services about regulating the cryptocurrency industry.
On May 12, 2022, it was revealed that Emergent Fidelity Technologies Ltd., which is majority owned by Bankman-Fried, had bought 7.6 per cent of Robinhood Markets Inc. stock.
In September 2022, it was documented that Bankman-Fried’s advisers had offered on his behalf to assist in funding Elon Musk’s purchase of Twitter.
According to statements published as part of the lawsuit between Twitter and Musk during the latter’s acquisition of Twitter, on April 25, 2022, investment banker Michael Grimes penned that Bankman-Fried would be willing to donate up to $5 billion.
Bankman-Fried invested more than $500 million in venture capital firms, encompassing $200 million in Sequoia Capital. Sequoia published a “glowing” profile of Bankman-Fried which was thereafter removed after the solvency crisis at FTX was disclosed.
In November 2022, Binance founder, Changpeng Zhao revealed on Twitter that his company planned to sell its holdings of FTT, FTX’s token. Binance earned $529 million worth of FTT as part of a sale of its equity in FTX in 2021.
Zhao publicized his tweet soon after an announcement from CoinDesk stating that the majority of the holdings of Alameda, Bankman-Fried’s trading firm, were in FTT.
Bloomberg and TechCrunch revealed that any sale by Binance would probably have an outsize effect on FTT’s rate due to the token’s low trading quantity.
The statement by Zhao about the pending sale and conflicts between Zhao and Bankman-Fried on Twitter led to a drop in the price of FTT and other cryptocurrencies. Shortly before, Zhao had condemned Bankman-Fried’s lobbying actions.
On November 8, Zhao declared that Binance had entered into a non-binding policy to buy FTX due to a liquidity crisis at FTX. Zhao noted that Binance would finalize due diligence soon and that all crypto exchanges should avoid utilizing tokens as collateral.
He also wrote that he expected FTT to be “highly volatile in the coming days as things develop”. The day the announcement was made, FTT lost 80 per cent of its value.
On November 9, the Wall Street Journal reported that Binance had agreed not to buy FTX. Binance illustrated summaries of FTX’s misusage of customer funds and pending investigations of FTX as the reasons the firm would not seek the deal.
Amid the crisis, Bankman-Fried was no longer a billionaire, according to the Bloomberg Billionaires Index. The very next day, Bloomberg announced that the Securities and Exchange Commission and Commodity Futures Trading Commission were investigating FTX and the nature of its relations to Bankman-Fried’s other holdings.
Unidentified sources recounted by Reuters stated that Bankman-Fried had transferred at least $4 billion from FTX to Alameda Research, without any divulgence to insiders or the public, earlier in 2022. The sources announced that the money transferred had included customer funds and that it was backed by FTT and shares in Robinhood.
An unknown source cited by the Wall Street Journal stated that Bankman-Fried had disclosed that Alameda owed FTX about $10 billion which was obtained through customer funds held by FTX when FTX had, at the time, $16 billion in customer assets.
According to unspecified sources cited by the Wall Street Journal, the Chief Executive of Alameda Research Caroline Ellison told employees that Bankman-Fried was conscious that FTX had loaned its customers’ money to Alameda to enable it to meet its liabilities.
Samuel Bankman-Fried Arrest
On December 12, 2022, Bankman-Fried was arrested shortly after 6 p.m. in his flat complex in the Bahamas by the Royal Bahamas Police Force with the intention that he would be extradited to the United States to face prosecution.
Earlier that day, the Southern District of New York had accused Bankman-Fried of “wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering”, according to a source quoted by the New York Times; the charges are expected to be unsealed December 13.
Philip Davis, the Prime Minister of the Bahamas, commented on the arrest that “the Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law while the United States is pursuing criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX”.
A retired senior trial lawyer at the Commodity Futures Trading Commission, Braden Perry, revealed that a conviction on any of the charges may result in a prison sentence of years or decades.
Samuel Bankman-Fried Relationship
Sam Bankman-Fried is rumoured to be dating Caroline Ellison. Reports also indicate that the duo is no more together.
Caroline Ellison is the founder of Alameda Research, a quantitative trading company, established in September 2017.
Samuel Bankman-Fried Net Worth
Bankman-Fried’s net worth peaked at $26 billion. In October 2022, he had an estimated net worth of $10.5 billion. Nevertheless, on November 8, 2022, amidst FTX’s solvency disaster, his net worth was estimated to have dropped 94% in a day to $991.5 million, according to the Bloomberg Billionaires Index, the hugest one-day drop in the index’s history. By November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to have no material riches.
FAQ About Samuel Bankman-Fried
Who Is Samuel Bankman-Fried?
He is an American entrepreneur, investor, and ex-billionaire. Bankman-Fried was the pioneer and CEO of the cryptocurrency exchange FTX, FTX.US, and cryptocurrency trading enterprise Alameda Research.
How Old Is Samuel Bankman-Fried?
He is 30 years old (as of 2023).
When Was Samuel Bankman-Fried Born?
Samuel Bankman-Fried was born in 1992.
Who Is Samuel Bankman-Fried’s Wife?
He is currently not in any relationship. Rumour has it that he was dating Caroline Ellison. Reports also reveal that they are no longer together.
What Ied Io Samuel Bankman-Fried’s Arrest?
Bankman-Fried was arrested in the Bahamas and charged with wire fraud, securities fraud, and money laundering, among other things. The Securities and Exchange Commission has also individually charged him with defrauding FTX investors.
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