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It has been 1.5 years since the FTX collapsed, one of the largest failure moments in the history of cryptocurrency. FTX was the second largest platform at its peak, but the company went bankrupt after using user money for personal hedge funds. Sam Bankman-Fried was the CEO of FTX at that time and has been under investigation up to recently.
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Things To Know About Sam Bankman
- Sam Bankman is not his real name. He goes by the name of Samuel Benjamin Bankman-Fried.
- For his involvement in the hedge fund and the collapse of the exchange, Sam has received a sentence of 25 Years in prison. Along with the sentence, he will be under supervision for the next three years and pay $11 Billion in fines.
- Sam has a record in his name as the 41st richest American.
- He was among the talented mathematical students attending the Crystal/ USA math camp.
- Sam Bankman’s parents, Joseph Bankman and Barbara are Stanford professors.
- Sam became a billionaire by the age of 30 after launching the FTX exchange in 2019.
- Sam planted its feet in the finance industry with Alameda Research in 2017. Later, used to provide liquidity to FTX and also played a role in FTX’s failure.
- He had seven primary allegations, including funding 300 illegal political donations. In that series of events, he paid more than $40 Million worth of Cryptocurrency to the Chinese government in exchange for unfreezing Alameda research accounts.
- His finance games were powerful. Sam has made $20 Million in just three weeks with the arbitrage trading strategy. He made an image of himself in front of the media.
- In a statement, Sam’s ex-girlfriend, Caroline Ellison, described him as an extreme risk-taker. He is the kind of person who will make decisions while flipping a coin. If the result came as tails, the world would be destroyed. If it comes heads, the world would become twice as good.
- Sam Bankman never showed any remorse for the fraud and called it a series of bad decisions, not violations.
- He offered $5 Billion to fund the Twitter buying for Elon Musk in September 2022.
- It is rumored and partially believed that Sam tried to buy the island country of Narua to build a bunker in situations of apocalyptic events.
- On the relocation of FTX to the Bahamas, Bankman offered to pay the national debt of $9 Billion for the country.
- After the reveal of FTX’s fraud, Sam spent the next ten days in jail and was bailed with a bond of $250 million and a condition of not involving in any financing or investing, which he failed to do.
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Final Thoughts
This blog has covered a series of special things discussed mainly during the FTX hearings. Sam Bankman has a sentence of 25 years after a 6-week-long prosecution. The sentence is comparatively lower than the US prosecutor’s 40-50 years anticipation.
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Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.
Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.
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