https://www.scmp.com/rss/517694/feed The latest news on Sam Bankman-Fried (SBF), American entrepreneur convicted of fraud, including crypto news and updates. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Michael Kives is one of the most networked men in Hollywood – it’s no wonder he’s been dubbed the “superconnector” by media outlets like Page Six. Last Saturday, the former talent agent celebrated his 44th birthday with a guest list that was so star-studded it could almost rival the Academy Awards. Among those in attendance were Gwyneth Paltrow, Kim Kardashian, Katy Perry, Kate Hudson, Bill and Hillary Clinton and Karlie Kloss and Joshua Kushner. The bash reportedly took place at members club... https://www.scmp.com/magazines/style/entertainment/article/3303347/meet-michael-kives-most-well-connected-man-hollywood-talent-agent-turned-investor-just-threw?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3303347/meet-michael-kives-most-well-connected-man-hollywood-talent-agent-turned-investor-just-threw?utm_source=rss_feed Sat, 22 Mar 2025 20:00:13 +0000 US President Donald Trump’s inaugural “crypto summit” at the White House on Friday was characterised by many of his classic touches: breaking tradition, teasing potentially risky bets and offering up US government resources in a starkly different way. Ahead of the summit, Trump signed an executive order on Thursday establishing a “Strategic Bitcoin Reserve and United States Digital Asset Stockpile”. Analysts cautioned that this could place US assets in a highly volatile medium that many consider... https://www.scmp.com/news/us/economy-trade-business/article/3301588/trumps-cyber-summit-gives-digital-currency-new-credibility-prominent-us-role?utm_source=rss_feed https://www.scmp.com/news/us/economy-trade-business/article/3301588/trumps-cyber-summit-gives-digital-currency-new-credibility-prominent-us-role?utm_source=rss_feed Fri, 07 Mar 2025 18:33:35 +0000 Reuters Reuters Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated US$40 billion in 2022, pleaded not guilty on Thursday to US criminal fraud charges after being extradited from Montenegro this week. Federal prosecutors in Manhattan on Thursday unsealed a nine-count indictment charging Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, with securities fraud, wire fraud, commodities fraud and money laundering... https://www.scmp.com/news/world/united-states-canada/article/3293212/former-cryptocurrency-executive-do-kwon-appear-us-court-criminal-fraud-charges?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3293212/former-cryptocurrency-executive-do-kwon-appear-us-court-criminal-fraud-charges?utm_source=rss_feed Thu, 02 Jan 2025 17:13:19 +0000 Reuters Reuters Former cryptocurrency executive Gary Wang, who unwittingly wrote the computer code that helped FTX founder Sam Bankman-Fried steal about US$8 billion from customers of the now-bankrupt exchange, was spared prison time by a judge on Wednesday. US District Judge Lewis Kaplan announced he would be imposing no prison time at a hearing in federal court in Manhattan. The judge praised Wang’s cooperation with prosecutors, and noted that he learned of Bankman-Fried’s fraud later than others in his... https://www.scmp.com/news/world/united-states-canada/article/3287444/sam-bankman-frieds-ex-deputy-gary-wang-spared-prison-time-over-ftx-fraud?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3287444/sam-bankman-frieds-ex-deputy-gary-wang-spared-prison-time-over-ftx-fraud?utm_source=rss_feed Wed, 20 Nov 2024 16:58:09 +0000 Associated Press Associated Press Caroline Ellison, a former top executive in Sam Bankman-Fried’s fallen FTX cryptocurrency empire, was sentenced to two years in prison on Tuesday after she apologised to everyone hurt by a fraud that stole billions of dollars from investors, lenders and customers. Ellison, 29, could have faced a much tougher sentence, but both the judge and prosecutors said she deserved credit for talking extensively with federal investigators, pleading guilty and ultimately testifying against Bankman-Fried for... https://www.scmp.com/news/world/united-states-canada/article/3279829/sam-bankman-frieds-ex-caroline-ellison-gets-2-years-prison-ftx-fraud-case?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3279829/sam-bankman-frieds-ex-caroline-ellison-gets-2-years-prison-ftx-fraud-case?utm_source=rss_feed Wed, 25 Sep 2024 00:54:03 +0000 Reuters Reuters FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace. A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a month-long trial in which prosecutors made the case that he looted US$8 billion from the exchange’s users out of sheer greed. The verdict... https://www.scmp.com/news/world/united-states-canada/article/3240155/ex-crypto-mogul-sam-bankman-fried-convicted-defrauding-ftx-customers?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3240155/ex-crypto-mogul-sam-bankman-fried-convicted-defrauding-ftx-customers?utm_source=rss_feed Fri, 03 Nov 2023 00:11:54 +0000 Reuters Reuters FTX founder Sam Bankman-Fried testified on Monday that he believed his Alameda Research hedge fund had enough assets to cover an US$8 billion debt to the cryptocurrency exchange until days before both collapsed. Testifying in his own defence at his fraud trial, the 31-year-old former billionaire told jurors that he was concerned and surprised, but not alarmed, upon learning in October 2022 that Alameda had borrowed $8 billion from deposits that FTX customers sent to the exchange. “If it were far... https://www.scmp.com/tech/tech-trends/article/3239751/ftx-fraud-trial-sam-bankman-fried-tells-court-he-thought-hedge-fund-could-cover-us8-billion-debt?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3239751/ftx-fraud-trial-sam-bankman-fried-tells-court-he-thought-hedge-fund-could-cover-us8-billion-debt?utm_source=rss_feed Mon, 30 Oct 2023 22:26:47 +0000 Lynn Farah Lynn Farah Sam Bankman-Fried, or SBF, was widely considered to be a crypto god thanks to his FTX exchange and Alameda trading firm, which ranked him as one of the richest people in cryptocurrency. But it all came crashing down in November 2022, when Bankman-Fried filed for bankruptcy. His wealth peaked at an estimated US$26.5 billion before his dramatic fall from grace. How amazing is this Tony Blair, Bill Clinton, Sam Bankman Fried #cryptoBahamas pic.twitter.com/CBWBOPSrOZ — Smith (@BahamasSmith) April... https://www.scmp.com/magazines/style/people/celebrities/article/3239016/how-sam-bankman-fried-used-celebrity-endorsements-disgraced-crypto-king-expanded-his-now-defunct?utm_source=rss_feed https://www.scmp.com/magazines/style/people/celebrities/article/3239016/how-sam-bankman-fried-used-celebrity-endorsements-disgraced-crypto-king-expanded-his-now-defunct?utm_source=rss_feed Tue, 24 Oct 2023 20:00:09 +0000 Agence France-Presse Agence France-Presse Sam Bankman-Fried knowingly used FTX clients’ funds without permission to invest through his personal hedge fund, the disgraced cryptocurrency titan’s former business partner testified in court on Friday. Gary Wang Zixiao, a co-founder of FTX with Bankman-Fried, has already pleaded guilty to multiple counts related to the cryptocurrency trading platform’s stunning collapse, and has agreed to cooperate with federal prosecutors. He is the first major witness to appear at his former partner’s... https://www.scmp.com/tech/tech-trends/article/3237150/ftx-trial-court-hears-sam-bankman-fried-used-crypto-exchange-clients-funds-without-permission-invest?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3237150/ftx-trial-court-hears-sam-bankman-fried-used-crypto-exchange-clients-funds-without-permission-invest?utm_source=rss_feed Sat, 07 Oct 2023 04:38:03 +0000 Bloomberg Bloomberg It was a noticeably leaner Sam Bankman-Fried, his famously unkempt hair tamed and trimmed, who showed up in a New York courtroom for the start of his multibillion-dollar fraud trial. The 31-year-old FTX co-founder arrived in Manhattan federal court for jury selection Tuesday dressed in a navy suit that seemed bigger on him than in previous appearances. He sat in the middle of the courtroom, flanked by his lawyers. The suit is one of three US District Judge Lewis Kaplan ordered be maintained by... https://www.scmp.com/news/world/united-states-canada/article/3236701/ftxs-sam-bankman-fried-shows-trial-leaner-and-his-famous-curls-cut?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3236701/ftxs-sam-bankman-fried-shows-trial-leaner-and-his-famous-curls-cut?utm_source=rss_feed Tue, 03 Oct 2023 23:03:40 +0000 Reuters Reuters Sam Bankman-Fried used money he stole from customers of his FTX cryptocurrency exchange to make more than US$100 million in political campaign contributions before the 2022 US midterm elections, federal prosecutors said on Monday. An amended indictment accused the 31-year-old former billionaire of directing two FTX executives to evade contribution limits by donating to Democrats and Republicans, and to conceal where the money came from. “He leveraged this influence, in turn, to lobby Congress... https://www.scmp.com/news/world/united-states-canada/article/3231094/ftxs-sam-bankman-fried-accused-using-us100-million-stolen-funds-political-donations?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3231094/ftxs-sam-bankman-fried-accused-using-us100-million-stolen-funds-political-donations?utm_source=rss_feed Tue, 15 Aug 2023 01:47:58 +0000 Reuters Reuters Sam Bankman-Fried is heading to jail after a US judge on Friday revoked his bail, finding probable cause that the indicted founder of the bankrupt FTX cryptocurrency exchange tampered with witnesses at least twice. US District Judge Lewis Kaplan’s decision to jail the 31-year-old former billionaire ahead of his October 2 fraud trial over FTX’s November 2022 collapse came after prosecutors said he had “crossed a line” by sharing private writings by former romantic partner Caroline Ellison with a... https://www.scmp.com/news/world/united-states-canada/article/3230863/ftxs-sam-bankman-fried-headed-jail-after-judge-revokes-bail?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3230863/ftxs-sam-bankman-fried-headed-jail-after-judge-revokes-bail?utm_source=rss_feed Fri, 11 Aug 2023 21:14:26 +0000 Business Insider Business Insider FTX went bankrupt last November after it didn’t have enough money to meet customer withdrawals. That was partly thanks to excessive spending on luxury property, hotels and a yacht, court filings show. The wildest expenses also include US$400,000 on DoorDash and US$600,000 at Jimmy Buffett’s Margaritaville. Since the dramatic implosion of crypto exchange FTX last November, court filings and other reports have revealed the extent of executives’ lavish spending habits. Bankruptcy lawyers said... https://www.scmp.com/magazines/style/entertainment/article/3220081/sam-bankman-fried-and-ftxs-most-outrageous-purchases-how-they-blew-us35-billion-private-jets-amazon?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3220081/sam-bankman-fried-and-ftxs-most-outrageous-purchases-how-they-blew-us35-billion-private-jets-amazon?utm_source=rss_feed Wed, 10 May 2023 16:05:16 +0000 Reuters Reuters Indicted FTX cryptocurrency exchange founder Sam Bankman-Fried pleaded not guilty on Thursday to new US charges of conspiring to violate campaign finance laws and bribe Chinese authorities. Bankman-Fried, 31, entered the plea to the new, 13-count indictment through his lawyer, Mark Cohen, at a hearing before US District Judge Lewis Kaplan in Manhattan federal court. He had earlier pleaded not guilty to eight counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds to... https://www.scmp.com/news/world/united-states-canada/article/3215467/ftxs-sam-bankman-fried-arrives-court-plead-not-guilty-new-charges?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3215467/ftxs-sam-bankman-fried-arrives-court-plead-not-guilty-new-charges?utm_source=rss_feed Thu, 30 Mar 2023 15:42:48 +0000 Khushboo Razdan Khushboo Razdan US prosecutors on Tuesday charged Sam Bankman-Fried, disgraced founder of the now bankrupt FTX cryptocurrency exchange, of transferring at least US$40 million in bribes to “one or more” Chinese government officials to “influence and induce” them to unfreeze trading accounts belonging to his hedge fund Alameda. The accounts, which held more than US$1 billion in cryptocurrency, had been frozen by Chinese enforcement authorities “in and around early 2021” as part of an inquiry into “a particular... https://www.scmp.com/news/world/united-states-canada/article/3215168/us-charges-ftxs-sam-bankman-fried-bribing-chinese-officials?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3215168/us-charges-ftxs-sam-bankman-fried-bribing-chinese-officials?utm_source=rss_feed Tue, 28 Mar 2023 14:50:12 +0000 Associated Press Associated Press Federal prosecutors are trying to prohibit FTX founder Sam Bankman-Fried from privately contacting current and former employees of the bankrupt cryptocurrency exchange to prevent potential witness tampering in a criminal case accusing him of bilking investors and customers. The request, made in a letter filed late on Friday by US Justice Department lawyers, prompted an indignant response from Bankman-Fried’s lawyer, who accused prosecutors of twisting the facts to cast the FTX founder in a... https://www.scmp.com/news/world/united-states-canada/article/3208331/ftxs-sam-bankman-fried-and-us-justice-department-tussle-over-his-communications?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3208331/ftxs-sam-bankman-fried-and-us-justice-department-tussle-over-his-communications?utm_source=rss_feed Sat, 28 Jan 2023 18:27:52 +0000 Associated Press Associated Press FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court on Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October. Bankman-Fried, 30, is accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading... https://www.scmp.com/news/world/united-states-canada/article/3205482/ftx-founder-sam-bankman-fried-pleads-not-guilty-fraud?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3205482/ftx-founder-sam-bankman-fried-pleads-not-guilty-fraud?utm_source=rss_feed Tue, 03 Jan 2023 20:02:28 +0000 Bloomberg Bloomberg FTX founder Sam Bankman-Fried said he and former executive Gary Wang borrowed more than US$546 million from Alameda Research to buy a nearly 8 per cent stake in Robinhood Markets, according to court papers. The pair borrowed the funds earlier this year. The transactions were documented in a series of promissory notes, detailed in an affidavit that surfaced in a dispute in US bankruptcy court in New Jersey on Tuesday. The Robinhood stake – about 56 million shares in total – is at the centre of a... https://www.scmp.com/tech/tech-trends/article/3204771/alameda-lent-sam-bankman-fried-us546-million-robinhood-stake?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3204771/alameda-lent-sam-bankman-fried-us546-million-robinhood-stake?utm_source=rss_feed Wed, 28 Dec 2022 05:12:41 +0000 Associated Press Associated Press A judge agreed to a request by prosecutors to keep it secret that two of Sam Bankman-Fried’s executive associates had turned against him so that the cryptocurrency entrepreneur would agree not to fight extradition from the Bahamas to the United States, according to transcripts of plea deals made public Friday. US District Judge Ronnie Abrams said during plea proceedings on Monday in Manhattan that transcripts of the pleas could remain sealed until Bankman-Fried reached New York. US Attorney... https://www.scmp.com/news/world/united-states-canada/article/3204462/ftx-executives-plea-deals-kept-secret-get-founder-sam-bankman-fried-back-us?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3204462/ftx-executives-plea-deals-kept-secret-get-founder-sam-bankman-fried-back-us?utm_source=rss_feed Fri, 23 Dec 2022 19:11:09 +0000 Reuters Reuters Sam Bankman-Fried was released on a US$250 million bond package while he awaits trial over the collapse of cryptocurrency exchange FTX, which a US prosecutor called a “fraud of epic proportions”. Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research. Bankman-Fried was not asked to enter a plea on Thursday. He has previously acknowledged risk-management failures at FTX, but has said he... https://www.scmp.com/news/world/united-states-canada/article/3204315/ftx-founder-sam-bankman-fried-allowed-us250-million-bond-house-arrest?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3204315/ftx-founder-sam-bankman-fried-allowed-us250-million-bond-house-arrest?utm_source=rss_feed Thu, 22 Dec 2022 19:37:02 +0000 Agence France-Presse Agence France-Presse FTX co-founder Sam Bankman-Fried arrived in the United States from the Bahamas in FBI custody on Wednesday, facing criminal fraud charges after the spectacular collapse of the crypto exchange. FTX and its sister trading house Alameda Research went bankrupt last month, dissolving a virtual trading business that had been valued by the market at US$32 billion. Prosecutors allege Bankman-Fried cheated investors and misused funds that belonged to FTX and Alameda Research customers. US Attorney Damian... https://www.scmp.com/news/world/united-states-canada/article/3204184/ftx-founder-sam-bankman-fried-accepts-extradition-us-face-fraud-charges?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3204184/ftx-founder-sam-bankman-fried-accepts-extradition-us-face-fraud-charges?utm_source=rss_feed Wed, 21 Dec 2022 18:53:44 +0000 Reuters Reuters Former FTX CEO Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday. The 30-year-old cryptocurrency mogul was indicted in federal court in Manhattan on Tuesday and accused of engaging in a scheme to defraud FTX customers. His decision to consent to extradition would pave the way for him to appear in US court to face charges of... https://www.scmp.com/tech/big-tech/article/3203720/ftx-ceo-sam-bankman-fried-reverse-decision-contesting-us-extradition?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3203720/ftx-ceo-sam-bankman-fried-reverse-decision-contesting-us-extradition?utm_source=rss_feed Sat, 17 Dec 2022 22:26:44 +0000 Reuters Reuters FTX founder Sam Bankman-Fried was swiftly indicted after the collapse of his crypto empire, but a trial in New York is likely more than a year away as prosecutors build out their case and both sides spar over evidence. The bare-bones indictment against Bankman-Fried – which could be amended with more details and co-defendants as the case progresses – suggests prosecutors have a long road ahead piecing together what they have described as one of the biggest financial frauds in American history.... https://www.scmp.com/tech/big-tech/article/3203674/trial-ftxs-sam-bankman-fried-possibly-18-months-out-us-prosecutors-put-together-case-against-crypto?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3203674/trial-ftxs-sam-bankman-fried-possibly-18-months-out-us-prosecutors-put-together-case-against-crypto?utm_source=rss_feed Sat, 17 Dec 2022 05:30:13 +0000 Prisoners faced rodents and a lack of toilets in the Bahamas detention centre where Sam Bankman-Fried will be held, according to a 2021 US State Department report, though local authorities says conditions have since improved. The 30-year-old Bankman-Fried arrived at a Bahamas court on Tuesday for his first in-person public appearance since the spectacular collapse of cryptocurrency exchange he founded. He did not waive a hearing on his extradition to the United States to face charges of... https://www.scmp.com/news/world/united-states-canada/article/3203255/ftx-fallout-uncertain-conditions-await-sam-bankman-fried-inside-fox-hill-bahamas-only-prison?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3203255/ftx-fallout-uncertain-conditions-await-sam-bankman-fried-inside-fox-hill-bahamas-only-prison?utm_source=rss_feed Wed, 14 Dec 2022 07:24:52 +0000 Associated Press Associated Press US prosecutors have charged Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes and campaign finance violations on Tuesday, alleging he played a central role in the collapse of FTX and hid its problems from the public and investors. Bankman-Fried was charged with eight counts, ranging from wire fraud to money laundering to conspiracy to commit fraud on the United States. He was also charged with violating campaign finance laws, a notable... https://www.scmp.com/news/world/united-states-canada/article/3203072/former-ftx-ceo-sam-bankman-fried-arrested-bahamas?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3203072/former-ftx-ceo-sam-bankman-fried-arrested-bahamas?utm_source=rss_feed Tue, 13 Dec 2022 02:18:29 +0000 Agence France-Presse Agence France-Presse Omnipresent on talk shows and conference panels, disgraced cryptocurrency tycoon Sam Bankman-Fried is defying the advice of the legal profession and staying in the public eye despite facing the real threat of prosecution and even jail time. As the architect and former CEO of a bankrupt enterprise that cannot account for billions of dollars in missing customer funds, Bankman-Fried faces scrutiny from regulators, prosecutors and politicians. Bankman-Fried’s media blitz will head to Washington on... https://www.scmp.com/news/world/united-states-canada/article/3202816/will-ftx-founder-sam-bankman-frieds-charm-offensive-backfire-amid-criminal-probe?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3202816/will-ftx-founder-sam-bankman-frieds-charm-offensive-backfire-amid-criminal-probe?utm_source=rss_feed Sat, 10 Dec 2022 05:08:59 +0000 Bloomberg Bloomberg US authorities are asking crypto investors and trading firms that worked closely with FTX to hand over information on the company and its key figures, including founder Sam Bankman-Fried and the former head of his Alameda Research investment arm, Caroline Ellison. The US Attorney’s Office for the Southern District of New York recently sent out a slew of requests, asking recipients to voluntarily hand over information on a list of FTX employees and associates, according to people familiar with... https://www.scmp.com/tech/tech-trends/article/3201764/ftx-investors-pressed-info-sam-bankman-fried-and-others-his-crypto-exchange-and-alameda-research?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3201764/ftx-investors-pressed-info-sam-bankman-fried-and-others-his-crypto-exchange-and-alameda-research?utm_source=rss_feed Fri, 02 Dec 2022 02:02:33 +0000 Reuters Reuters Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, attempted to distance himself from suggestions of fraud in his first public appearance since his company’s collapse stunned investors and left creditors facing losses totalling billions of dollars. Speaking via video link at the New York Times’ Dealbook Summit with Andrew Ross Sorkin on Wednesday, Bankman-Fried said he did not knowingly commingle customer funds on FTX with funds at his proprietary trading firm,... https://www.scmp.com/tech/big-tech/article/3201623/sam-bankman-fried-says-he-didnt-ever-try-commit-fraud-ftx-funds-sent-alameda?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3201623/sam-bankman-fried-says-he-didnt-ever-try-commit-fraud-ftx-funds-sent-alameda?utm_source=rss_feed Thu, 01 Dec 2022 02:19:14 +0000 Lynn Farah Lynn Farah It’s been a tough year financially for crypto billionaires after the market suffered a trillion-dollar crypto crash. The wipeout has resulted in thousands of lawsuits as investors attempt to recoup their lost billions. The top crypto leaders in the space have lost a combined US$112.7 billion this year alone. But which of cryptocurrency’s biggest names has lost the most? 1. Changpeng Zhao – US$82 billion He is known as the Chinese crypto king, but 2022 was not Changpeng Zhao’s year. According to... https://www.scmp.com/magazines/style/news-trends/article/3201553/cryptos-biggest-losers-5-billionaires-who-lost-most-2022-sam-bankman-frieds-net-worth-took-us23?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3201553/cryptos-biggest-losers-5-billionaires-who-lost-most-2022-sam-bankman-frieds-net-worth-took-us23?utm_source=rss_feed Wed, 30 Nov 2022 16:10:09 +0000 Business Insider Business Insider At his peak in March 2022, Sam Bankman-Fried aka SBF – American entrepreneur, investor and founder and former CEO of the infamous cryptocurrency exchange FTX – had a net worth of US$26 billion. However, on November 8, SBF’s net worth was estimated to have dropped 94 per cent in a day to US$991.5 million, according to Bloomberg – the largest one-day drop on the Bloomberg Billionaires Index’s history. By November 11, FTX had filed for bankruptcy and the Wall Street Journal reported that SBF’s net... https://www.scmp.com/magazines/style/celebrity/article/3201152/riches-rags-how-did-sam-bankman-fried-spend-his-fortune-bahamas-properties-and-sponsoring-sports?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3201152/riches-rags-how-did-sam-bankman-fried-spend-his-fortune-bahamas-properties-and-sponsoring-sports?utm_source=rss_feed Sun, 27 Nov 2022 16:10:12 +0000 Bloomberg Bloomberg Sam Bankman-Fried, disgraced founder of the now collapsed crypto exchange FTX and trading house Alameda Research, apologised to staff in a letter that outlined a crash in “collateral” to US$9 billion from US$60 billion. “I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again,” he wrote in the message sent to employees on Tuesday and obtained by Bloomberg News. A slide in digital-asset markets in spring roughly halved collateral to US$30... https://www.scmp.com/tech/big-tech/article/3200651/ftxs-sam-bankman-fried-apologises-staff-says-collateral-plummeted-us51-billion-crypto-crash?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3200651/ftxs-sam-bankman-fried-apologises-staff-says-collateral-plummeted-us51-billion-crypto-crash?utm_source=rss_feed Wed, 23 Nov 2022 04:30:08 +0000 Agencies Agencies Sam Bankman-Fried regrets the feud that may have cost him his crypto empire. The former FTX CEO said that criticising Binance CEO Changpeng Zhao, known as “CZ”, “was not a good strategic move on my part”, in an interview with The New York Times on Sunday, November 13. The clash between the two is key to understanding one of the most dramatic collapses ever in the crypto world. Let’s take a closer look … How the feud between Changpeng Zhao and Sam Bankman-Fried started Zhao and Bankman-Fried... https://www.scmp.com/magazines/style/celebrity/article/3199980/crypto-war-sam-bankman-frieds-feud-changpeng-zhao-explained-ex-ftx-ceos-fallout-binance-tycoon?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3199980/crypto-war-sam-bankman-frieds-feud-changpeng-zhao-explained-ex-ftx-ceos-fallout-binance-tycoon?utm_source=rss_feed Thu, 17 Nov 2022 10:05:40 +0000 Bloomberg Bloomberg American and Bahamian authorities have been discussing the possibility of bringing FTX founder Sam Bankman-Fried to the US for questioning, according to three people familiar with the matter. The conversations between law-enforcement officials in the two countries have intensified in recent days as they probe his role in the implosion of cryptocurrency firm FTX. Bankman-Fried has been cooperating with Bahamian authorities, said one of the people, who like the others asked not to be identified... https://www.scmp.com/tech/big-tech/article/3199775/ftxs-sam-bankman-fried-faces-trip-us-questioning-over-crypto-exchange-collapse?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3199775/ftxs-sam-bankman-fried-faces-trip-us-questioning-over-crypto-exchange-collapse?utm_source=rss_feed Wed, 16 Nov 2022 04:30:13 +0000 Bloomberg Bloomberg Simmering tensions between the crypto industry’s two richest executives are spilling over into the already battered digital-asset market. On Sunday, Zhao “CZ” Changpeng, the billionaire chief executive of Binance Holdings took to Twitter to announce plans to sell his company's roughly US$530 million holding of FTT, the native token of Sam Bankman-Fried’s FTX. Binance and FTX run the world’s largest and seventh-largest crypto exchanges. Zhao said his decision was triggered by “recent... https://www.scmp.com/tech/tech-trends/article/3198848/twitter-feud-between-binances-cz-and-ftxs-sam-bankman-fried-sends-ftt-cryptocurrency-below-us22?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3198848/twitter-feud-between-binances-cz-and-ftxs-sam-bankman-fried-sends-ftt-cryptocurrency-below-us22?utm_source=rss_feed Tue, 08 Nov 2022 07:58:45 +0000 The fewest number of billionaires have joined The Giving Pledge this year since the creation of the initiative, which helps philanthropists give away most of their wealth. The Giving Pledge was founded by Bill and Melinda Gates and Warren Buffett in 2010 when dozens of America’s wealthiest people pledged to donate the bulk of their fortune to help solve problems in society. The list includes Meta founder and CEO Mark Zuckerberg, Coinbase CEO Brian Armstrong, and hedge fund manager Bill Ackman... https://www.scmp.com/magazines/style/celebrity/article/3197635/why-have-only-5-billionaires-signed-giving-pledge-year-2022s-generous-pledgers-include-23andmes-anne?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3197635/why-have-only-5-billionaires-signed-giving-pledge-year-2022s-generous-pledgers-include-23andmes-anne?utm_source=rss_feed Sat, 29 Oct 2022 16:10:16 +0000 When you’re one of the youngest billionaires in the world, it makes sense to want to keep building your net worth for the future. However, 29-year-old Sam Bankman-Fried, who is the youngest person on Forbes’ list of wealthiest people in the world, thinks differently. Currently worth US$22.5 billion thanks to FTX, a Hong-Kong based futures exchange he founded that allows users to buy and sell cryptocurrencies, Bankman-Fried plans to donate most of his wealth to causes and organizations he... https://www.scmp.com/magazines/style/celebrity/article/3158365/meet-youngest-billionaire-world-what-sam-bankman-frieds?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3158365/meet-youngest-billionaire-world-what-sam-bankman-frieds?utm_source=rss_feed Fri, 03 Dec 2021 11:00:19 +0000