MarketFrom Admired Crypto Guru to Conman?

From Admired Crypto Guru to Conman?

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Sam Bankman-Fried was seen as a child prodigy in the crypto scene. This is now over with the bankruptcy of trading platform FTX. And the allegations about the busy entrepreneur are in the room.


Multiple billionaires and only 30 years old: Sam Bankman-Fried, nicknamed SBF. The US founder of FTX, a cryptocurrency exchange, was considered a genius in his industry. Then the trading platform went bankrupt and now charges are being made against it.

Bankman-Fried was not a busy entrepreneur supported by the crypto exchange by, among others, football star Tom Brady and his wife Gisele Bundchen, he was the second-largest donor to the Democrats in the US midterms. He also offered Elon Musk billions of dollars to help him buy Twitter.

Sam Bankman-Fried’s rise to crypto guru

After studying physics and mathematics at the renowned Massachusetts Institute of Technology (MIT), Bankman-Fried got a job at a securities trading company in the financial industry. After an internship, he stayed there for nearly four years before establishing his own trading company, Alameda Research, at the end of 2017. By his own words, he made a fortune by trading pseudo arbitrage with Bitcoin: he bought the cryptocurrency in the US and was able to sell it more expensive in Japan. He wants to make millions every day with this.

Creation of FTX, savior and philanthropist

After initial successes in the crypto scene, he founded his trading platform FTX in April 2019. Three years later, it had almost a million customers and its own cryptocurrency FTT. According to crypto expert Nadine Graf of digital magazine t3n, Bankman-Fried was a child prodigy of the crypto scene.

A Toyota Corolla and the swim shorts she wore to business meetings were her hallmarks and had to prove her altruistic thinking.

Nadine Graf, New Head of Finance at t3n

He also staged himself as a savior and with difficulty acquired several companies. In the Bahamas, where FTX is headquartered, Bankman-Frodeied is said to live with a handful of roommates. She often appears in interviews and TV news with messy hair, shorts and a T-shirt.

Bankman-Fried: Big funder of 2022 midterm exams

In the midterms, in the US midterm elections, Bankman-Fried was a generous donor. The investor, worth over $36 million, was the second-largest donor to the Democrats, after George Soros, according to the NGO Open Secrets.

In April 2022, Bankman-Fried is also said to be interested in partnering with Elon Musk to buy Twitter. Following the FTX bankruptcy, Musk wrote on Twitter that Bankman-Fried had activated the “bullshit detector”:

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Source: ZDF

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