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CollectionsThe Trial of Sam Bankman-Fried

The Trial of Sam Bankman-Fried

FTX founder and former CEO Sam Bankman-Fried faces seven criminal charges related to the collapse of the once-dominant exchange. Here's the latest on his trial.

CollectionLast updated Nov 3, 2023
Nov 3
Former Alameda Research CEO Caroline Ellison. Photo: André Beganski/Decrypt

Will Caroline Ellison and Sam Bankman-Fried’s Other Co-Defendants Go to Prison?

Now that Sam Bankman-Fried is a convicted criminal likely destined for decades behind bars in a brutal federal prison, what fate will befall his former colleagues and co-defendants? Nishad Singh, FTX’s director of engineering, Gary Wang, the exchange’s chief technical officer, and Caroline Ellison, former CEO of FTX sister trading firm Alameda Research, all pleaded guilty last December to multiple counts of fraud and conspiracy and agreed to testify against their former boss. Over the last month...

NewsLaw and Order
4 min read
Sander Lutz
AI-Enhanced Photo Illustration

Where Will Sam Bankman-Fried Be Sent to Prison? The Options Are Bleak

Sam Bankman-Fried shouldn’t expect to get Adderall or good vegetarian cooking where he’s headed, according to a federal prison system expert. He’ll be lucky if he’s able to avoid gang violence since he is most likely headed to a medium-security prison. Sam Bankman-Fried is now entering a new, darker chapter in his life. After only a few hours of deliberation Thursday evening, a Manhattan jury convicted Bankman-Fried of all seven counts of fraud and conspiracy charges levied against him by the U....

NewsLaw and Order
5 min read
Sander Lutz
FTX founder Sam Bankman-Fried outside Manhattan federal court. Photo: Decrypt/André Beganski

Crypto Twitter Weighs In on Bankman-Fried Verdict

The guilty verdict in the criminal trial of Sam Bankman-Fried—delivered by a jury shortly before 8 p.m. ET in New York—triggered a torrent of reactions across the still vibrant crypto community on Twitter. The overall mood was closer to smug schadenfreude than jubilant, but there were hot takes across the spectrum. "Should let the SBF trial be a clear warning for other operators in crypto," wrote crypto analyst and venture capitalist Adam Cochran. "If you play with people's funds, they’ll get yo...

NewsLaw and Order
3 min read
Ryan Ozawa
Nov 2
FTX founder Sam Bankman-Fried outside Manhattan federal court. Photo: Decrypt/André Beganski

Guilty: Sam Bankman-Fried Convicted of FTX Fraud

A jury of nine women and three men found FTX founder Sam Bankman-Fried guilty of seven fraud and conspiracy charges on Thursday in the former crypto mogul’s high-profile criminal case. Although the jury delivered its verdict today, it could be some time before U.S. District Judge Lewis Kaplan determines Bankman-Fried’s sentence. He faces a maximum sentence of 115 years in prison. "We respect the jury’s decision. But we are very disappointed with the result," Bankman-Fried's defense attorney Mark...

NewsLaw and Order
3 min read
André Beganski
Oct 31
Source: United States Courts

Judge Blocks 'Going Infinite' Excerpt as 'Inadmissible Hearsay' at Sam Bankman-Fried Trial

U.S. District Judge Lewis Kaplan shielded the jury on Monday from an excerpt of “Going Infinite,” a new Michael Lewis book about FTX founder Sam Bankman-Fried. Kaplan sided with an objection from the prosecution calling a conversation included in Lewis’ “letter to the jury” prejudicial hearsay. “There is a conversation described in Michael Lewis' book that is sourced to the defendant,”  U.S. Assistant Attorney Danielle Sassoon explained. “We consider [it] a false exculpatory and inadmissible hea...

NewsLaw and Order
4 min read
André Beganski
Sam Bankman-Fried. Image: Justin Lane/EPA-EFE/Shutterstock

SBF Trial Live Updates: Sam Bankman-Fried Still Ain't Sure

The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun. Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have committed wire fraud, securities fraud, and money laundering while CEO of FTX. The case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as "one of the biggest financial...

NewsLaw and Order
29 min read
Decrypt Staff
Oct 30
Former CEO of FTX Sam Bankman-Fried leaves federal court in New York in January 2022 after pleading not guilty on charges related to the collapse of his company. Image: Lev Radin / Shutterstock.com

Sam Bankman-Fried Can't Remember a Damn Thing

Sam Bankman-Fried’s memory faltered on Monday under the scope of questions posed by US Assistant Attorney Danielle Sassoon—as the government challenged his credibility on the witness stand. “I’m not sure. I don’t recall. I’m not sure exactly what you’re referring to,” Bankman-Fried said, after Sassoon inquired about Alameda Research, a crypto trading firm Bankman-Fried co-founded, and whether he claimed—at any point—his bankrupt trading firm was subject to the same rules as other customers of FT...

NewsLaw and Order
3 min read
André Beganski
Oct 27
Image: Wikimedia Commons

Sam Bankman-Fried Says He Wanted to Sell FTX to Binance Since It Was Founded

During his testimony on Friday, Sam Bankman-Fried told the court that he intended to sell FTX to cryptocurrency exchange Binance when the firm was in its infancy.  As Bankman-Fried worked with FTX co-founder Gary Wang in 2019 to construct the now-bankrupt exchange in Hong Kong, he said he already knew he wanted it to specialize in margin trading and offer customers the ability to make outsized bets. At the time, according to his court testimony today, Bankman-Fried believed that FTX could establ...

NewsLaw and Order
4 min read
André Beganski
Oct 26
FTX founder Sam Bankman-Fried outside Manhattan federal court. Photo: Decrypt/André Beganski

Sam Bankman-Fried Testifies During Special Hearing—After The Jury Is Sent Home

Sam Bankman-Fried took the witness stand during his criminal trial on Thursday. But as the former crypto mogul spoke, the jury was nowhere to be found. U.S. District Judge Lewis Kaplan—who presides over Bankman-Fried’s case—sent the group home around 2:00 pm. To assess whether certain topics should be precluded from Bankman-Fried’s testimony tomorrow, Judge Kaplan called for a special hearing. “We’re in the home stretch,” Kaplan said to the jurors as they were let go, assuring them that the week...

NewsLaw and Order
3 min read
André Beganski
Oct 25
Sam Bankman-Fried. Image: Justin Lane/EPA-EFE/Shutterstock

Sam Bankman-Fried Will Testify at His Criminal Trial

FTX founder Sam Bankman-Fried will testify during his criminal trial, hoping to convince a jury that he is not guilty of seven fraud and conspiracy charges, his defense lawyers said during a teleconference on Wednesday. The revelation comes as federal prosecutors are expected to wind their case down. They’ve signaled their final witness will be called to the stand on Thursday. After that, Bankman-Fried’s defense attorneys will have the opportunity to present their telling of FTX’s collapse. Bank...

NewsLaw and Order
3 min read
André Beganski
Oct 23
FTX founder Sam Bankman-Fried outside Manhattan federal court. Photo: Decrypt/André Beganski

What Are the Odds Sam Bankman-Fried Testifies in His Trial?

A defendant facing criminal charges has the right to testify during their trial, but many don’t. Now, several weeks into Sam Bankman-Fried’s case, the FTX founder still hasn’t decided whether he’ll take the stand. Bankman-Fried has remained silent so far, as he defends himself against seven fraud and conspiracy charges in federal court. Meanwhile, the jury has heard at length from FTX insiders, who’ve detailed Bankman-Fried’s state of mind throughout the arc of his exchange. “It almost feels nec...

NewsLaw and Order
4 min read
André Beganski
Oct 20
BlackRock CEO Larry Fink. Image: New York Times Dealbook Summit/YouTube

Google and BlackRock Considered Investing in FTX as It Crumbled

FTX engaged BlackRock and Google as potential investors while Sam Bankman-Fried’s crypto exchange circled the drain last November, according to evidence submitted in the one-time wunderkind’s criminal trial on Thursday. Federal prosecutors offered a spreadsheet maintained by the now-defunct exchange connected to its fundraisers as FTX’s former general counsel, Can Sun, testified. The document includes info about various fundraising rounds—including one that Sun said “never closed.” According to...

NewsLaw and Order
4 min read
André Beganski
Oct 19
Sam Bankman-Fried is currently awaiting trial for wire fraud and other criminal charges. Image: Shutterstock

SBF Asked Former FTX Lawyer to Find 'Legal Justifications' for Missing Customer Funds

\FTX former general counsel, Can Sun, testified on Thursday that Sam Bankman-Fried asked him to craft “legal justifications” to explain why billions of dollars of customer funds were missing, as the exchange struggled to process customer withdrawals last November. As FTX melted down, Bankman-Fried thought the exchange could raise money from investment fund Apollo to stay afloat and satisfy customers rushing for the exit. The catch: Apollo wanted to know how a $7 billion shortfall could exist at...

NewsLaw and Order
4 min read
André Beganski
Oct 18

CZ, Shaq and ‘Unethical Shit’: Twitter DMs Examined in Sam Bankman-Fried Trial

Sam Bankman-Fried's controversial Twitter direct messages were examined today in court, with everything from NBA star Shaquille O'Neal to the crypto mogul's apparently lax approach to regulation getting a mention. "Fuck regulators," one message read out in court said. "They make everything worse." Another series of Twitter DMs showed the disgraced crypto boss telling a reporter from Vox media outlet that he'd said "dumb shit." In another thread, Bankman-Fried was quizzed on when he previously s...

NewsLaw and Order
2 min read
Mat Di Salvo
Under a magnifying glass. Image: Shutterstock

FTX Was Supposed to Have $20 Billion in Customer Crypto—It Only Held $5 Billion

When crypto peaked in November of 2021, FTX’s customers thought they owned around $20 billion in digital assets. But according to an expert witness in Sam Bankman-Fried’s criminal trial on Wednesday, the exchange’s digital wallets had closer to a quarter of that. Notre Dame Alumni Professor of Accountancy Peter Easton, who specializes in financial statement analysis, found that FTX’s digital wallets contained close to $5 billion in crypto when the industry boomed and Bitcoin’s price touched $69,...

NewsLaw and Order
3 min read
André Beganski
A statue outside a Manhattan courthouse. Photo: André Beganski/Decrypt

DOJ Used All Its Star Witnesses—What Will Sam Bankman-Fried's Defense Do Now?

FTX insiders Gary Wang, Caroline Ellison, and Nishad Singh concluded their respective testimonies on Tuesday, as FTX founder Sam Bankman-Fried’s criminal trial progressed past a key wave of witnesses in New York. The contours of the government's case, across key facts and charges, have been molded mostly by the three. Their testimony is foundational to prosecutors’ account of Bankman-Fried’s wrongdoings, to which the former crypto mogul has pleaded not guilty. The defense hasn’t decided yet on w...

NewsLaw and Order
4 min read
André Beganski
Oct 16
Image: Ihorl/Shutterstock

Sam Bankman-Fried Can't Focus Without His Medication: Defense

Attorneys for Sam Bankman-Fried submitted a letter to Judge Lewis Kaplan on Sunday requesting that the FTX founder be allowed access to his prescribed medication during his ongoing fraud trial, saying he is unable to focus without it. The filing by the defense said that Bankman-Fried has attention-deficit hyperactivity disorder (ADHD) and was prescribed the medication Adderall to be taken throughout the day. However, since the beginning of his trial two weeks ago, he has only been permitted to t...

NewsLaw and Order
3 min read
Decrypt AI, Edited by Ryan Ozawa
Former CEO of FTX Sam Bankman-Fried leaves federal court in New York in January 2022 after pleading not guilty on charges related to the collapse of his company. Image: Lev Radin / Shutterstock.com

Sam Bankman-Fried's Defense Wants More Latitude In Questioning Witnesses

Lawyers for disgraced FTX founder Sam Bankman-Fried (SBF) are moving to expand the scope of their questioning for the prosecution’s next round of witnesses after a bruising two weeks of testimony by members of the mogul’s inner circle. SBF's lawyers raised concerns with what they said were restrictions on their available lines of questioning with government witnesses that they say block them from making a case for their client. To correct this, the defense asked for more room to explore defense...

NewsLaw and Order
3 min read
Nicholas Morgan
Oct 11
Photo: André Beganski/Decrypt

‘I Didn’t Have to Lie Anymore’—FTX Collapse Was a Relief, Says Caroline Ellison

While much of the jury’s attention has been consumed by alternative balance sheets and to-do lists throughout Caroline Ellison’s testimony, a tissue drawn by the former Alameda Research CEO on Wednesday afternoon represented a break from meticulous answers throughout her time on the stand. "I was in sort of a constant state of dread," she testified. Ellison is the government's star witness in its case against Sam Bankman-Fried, founder and former CEO of the once-dominant cryptocurrency exchange...

NewsLaw and Order
3 min read
André Beganski
Former Alameda Research CEO Caroline Ellison leaves the courthouse after her first day of testimony in the trial of FTX founder Sam Bankman-Fried. Photo: André Beganski/Decrypt

FTX, Thai Prostitutes and Chinese Bribes: Caroline Ellison Drops Explosive Allegations

Collapsed crypto exchange FTX tried to recover frozen funds from Alameda Research by using accounts registered to Thai prostitutes, ex-Alameda Research CEO Caroline Ellison told jurors today. In her second day of testimony, star witness Ellison took the stand on Wednesday to tell jurors that FTX insiders tapped the sex workers in a bid to try and reclaim $1 billion worth of funds frozen by the Chinese government. Ellison, who is Bankman-Fried's ex-girlfriend and admitted fraud related to the col...

NewsLaw and Order
2 min read
Mat Di Salvo
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