BankmanFried

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Hoooo boy. As Alex would say: This week has been a long year. You just know it has been a pretty wild ride when Meta can lay off 13% of its staff, and it isn’t even really in the top 10 of crazy things that happened. Gmail no longer lets you use the old interface, you retro-loving nerd, you. Salesforce did a round of layoffs, the DOJ seized $3.36 billion worth of Silk Road crypto,…

Before the world began to grasp the truth about Sam Bankman-Fried, an inkling of doom began to spread through his convoluted crypto empire. Before the world began to grasp the truth about Sam Bankman-Fried -- before the panic, the investigations and, at last, the brutal collapse -- an inkling of doom began to spread through his convoluted crypto empire. All across FTX, the exchange that had transformed his mere initials into a symbol of a new kind of wealth and power, one question came up again and again: Where is SBF?…

Sam Bankman-Fried announced he was stepping down as CEO from his crypto exchange FTX.Photo: Alex Wong (Getty Images)RIP FTX. The company announced Friday morning that they were starting Chapter 11, AKA reorganizational bankruptcy proceedings. In addition, CEO Sam Bankman-Fried’s other crypto firm, Alameda Research and Weste Realm Shires Services, which is also known as FTX.US, are also tangled up in the proceedings.07:33The Dead Friends Society Audiobook ClipYesterday 3:38PMThe 30-year-old supposed wunderkind…

Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday, and Chief Executive Sam Bankman-Fried resigned.FTX and a bevy of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities. It is the largest crypto-related bankruptcy ever, and a demise remarkable for its swiftness as well as its size. Just a week ago, FTX was an industry titan, and Mr. Bankman-Fried its smiling public face. In January, FTX raised money from…

In a matter of days, Sam Bankman-Fried has gone from crypto hero to villain. An outwardly genial 30-year-old commonly referred to as SBF, Mr. Bankman-Fried was until this week the industry’s leading champion. His firm’s finances were opaque, but he seemed to be an open book on Twitter and in scores of media interviews. Bill Clinton, Tom Brady, Katy Perry and other boldfaced names trekked to FTX’s Bahamas base to appear with him at a conference he organized to promote his…

Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday—a swift demise for a company hailed as a trusted platform just a week ago. In a statement, the company said Chief Executive Sam Bankman -Fried resigned from his position but would remain at the company to assist with an orderly transition. FTX said that it would begin a process to review and monetize assets for stakeholders. John J. Ray III has been named the new CEO of FTX Group, the…

Sam Bankman-Fried is having a hard week (along with FTX users and investors.) The CEO and co-founder of FTX, the rapidly collapsing cryptocurrency exchange, is facing newly expanded federal investigations, as a liquidity crisis tanks the value of the firm’s native token, FTT. His billions in personal wealth have all but evaporated over the course of days. An attempted rescue deal with rival exchange Binance fell apart very publicly. FTX investors have declared the exchange worthless, and employees of the company have…

For a while there, Sam Bankman-Fried looked like the real thing.Now 30, the MIT graduate had become the cryptocurrency ecosystem’s most visible and credible billionaire, with a fortune estimated at more than $26 billion at its peak. Bankman-Fried looked like a political kingmaker, contributing nearly $900,000 to the Democratic National Committee in May 2022 alone. The crypto folks say that crypto is somehow ‘different’ or ‘special’ because it’s technology, so it deserves to have its own special regulatory regime, which…

Toon Finance DEX takeover Market experts say that using a decentralized exchange platform like uniswap or Toon Finance could end up being the future of digital currencies. Centralized exchanges like FTX have been getting a lot of attention and heat as the market fluctuates to a more decentralized setting. Decentralized exchanges have received more attention than banks in the most recent months with coin presale projects like Toon Finance taking over the industry. Toon Finance already raised over 2 million in USD…

Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Agriculture, Nutrition and Forestry hearing about "Examining Digital Assets: Risks, Regulation, and Innovation," on Capitol Hill in Washington, DC, on February 9, 2022.Saul Loeb | AFP | Getty ImagesA network of political action committees supported by cryptocurrency industry leaders are planning a last-minute ad campaign in support of congressional candidates, according to one of the groups' chief strategists.Web3 Forward and Crypto…