Sam Bankman-Fried

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…

Photo: Alex Wong (Getty Images)It turns out “effective altruism” isn’t so effective when a billionaire donor’s money dries up.Watch an Exclusive Clip From the Finale of Interview With the Vampire03:26Segment of Challenger Space Shuttle Found at Bottom of Atlantic OceanYesterday 1:50PMThat realization rang especially true this week for members of the FTX Foundation’s Future Fund, whose entire team resigned on Thursday saying they“are now unable to perform our work or process grants.” The resignation comes amid a continued…

Cryptocurrency prices retreated Friday as the knock-on effects from FTX’s downfall persisted, even as other risk assets surged after US inflation data. Cryptocurrency prices retreated Friday as the knock-on effects from FTX's downfall persisted, even as other risk assets surged after US inflation data. Bitcoin dropped as much as 5.5% to as low as $16,837. It had jumped 13% on Thursday as the CPI reading came in lower than expected, fueling expectations that the Federal Reserve would slow the pace of rate increases.…

Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a…

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…

FTX suspended onboarding of new clients as well as withdrawals until further notice as hopes of a rescue for the cryptocurrency exchange fade after rival Binance walked away from a deal to bail out the company. In a message on its website, the company also asked clients to avoid depositing their funds. It was not immediately clear if FTX US, the company's U.S. unit that was not part of Binance's failed buyout, too is included in the latest move. Read Also An FTX spokesperson did not immediately respond to requests seeking…

Tech leaders who spent years eagerly adding to their staffs are now lining up to deliver a different message: Sorry, we grew too fast. Mark Zuckerberg on Wednesday joined the ranks of tech executives offering a mea culpa, when the chief executive of Facebook parent Meta Platforms Inc. said the company would cut 11,000 workers, or 13% of its staff. Mr. Zuckerberg told employees that he had believed the sharp shift online after the onset of Covid-19 would be…

The Securities and Exchange Commission and Justice Department are investigating cryptocurrency platform FTX following its sudden implosion this week, a person familiar with the matter said.Staff at the two law-enforcement agencies were in close contact Wednesday, the person added. The Justice Department prosecutes criminal violations such as fraud, while the SEC enforces civil investor-protection laws. Spokesmen for the Justice Department and SEC declined to comment. FTX didn’t respond to requests for comment.…

A screenshot from the FTX ad featuring comedian Larry David that ran during the Super Bowl in February 2022.Screenshot: FTX / YouTubeThe Department of Justice and Securities and Exchange Commission are investigating FTX, a crypto platform that halted withdrawals on Tuesday, according to a new report from the Wall Street Journal. And while the SEC’s investigation has reportedly been going “for months,” the agency’s scrutiny has only expanded this week following the liquidity crisis at FTX, which has caused the entire…