Who is SBF?: Sam Bankman-Fried, a finance and cryptocurrency genius also known as ‘SBF’ came into the spotlight. He is the founder and chief executive officer(CEO) of FTX, a bankrupt crypto exchange. To know about Sam Bankman-Fried, his life, and his venture in life, read here.
Know More About ‘SBF’ Early Life
Sam Bankman-Fried was born on 6 March 1992, in California. His parents are professors at Stanford Law School, and he is his only son. He completed his education at Crystal Spring Uplands School, situated in Hillsborough, Calif. From his school time Sam is very good at mathematics. He completed his graduation from the Massachusetts Institute of Technology(MIT), in 2014, in physics and mathematics.
How did SBF Start His Career?
SBF began his career as a trader from Jane Street, in 2017. Then he learned a lot about cryptocurrencies and with his own experience he entered. From his struggling days, he purchased bitcoin in the US and then sold them in Japan. Because there is a lot of difference in price. In the same year he started his own cryptocurrency trading firm ‘Almadea Research,’ and after two years he discovered FTX, one of the top platforms for buying and exchanging cryptocurrency.
Forbes also invested $ 40 billion. Fried appointed himself as a ‘selfless altruist’ who preferred charity, a major part of his wealth. During the time of pandemic COVID-19, Sam helped several people with billions of dollars. Surprisingly, it shocked you that till now he donated only 0.1 % of his wealth. His net worth is estimated at $15.5 billion.
As you know FTX and Alameda began to create issues in 2022. Now, this platform is filed for chapter 11, in the US. According to Sam these all issues start after it will sell the stock in the company. More than $ 9.4 billion was invested by the investors, and to recover the sold FTT. FTX’s tokens.
Because FTX crashed, the company also went through bankruptcy. Binance said that after the market crash, investors withdrew $ 6 billion within three days. Several celebrities also invest in FTX, including Tom Brady, and Larry David, who later alleged that they were misdealing with investors. Last month one more lawsuit was filed by Gisele Bundchen, Shaquille O’Neal, Naomi Osaka, and The Golden State Warriors basketball franchise.
Apologies from Bankman-Fried
Because FTX crashed, and investors face problems, Sam said, “I’m deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again” via a video call.
Recently on 4 December, he said on Twitter, he will try to set up this platform before the United States House Financial Services Committee. These days he is invited by the Committee Chair Maxine Waters.
3) I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected.
Which made it that much more destructive when I did.
I’m sorry. Hopefully people can learn from the difference between who I was and who I could have been.
— SBF (@SBF_FTX) December 9, 2022
Why was Sam arrested?
When he was going to depone, for his exchange platform, he was arrested in the Bahamas. Last week he appeared in several videos to clarify his views about why his FTX platform at once collapsed in the Bahamas.
On Tuesday, the US SEC said, “The Securities and Exchange Commission today charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd, the crypto trading platform of which he was the CEO and co-founder.”
The committee said that investigations of “securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.”
Sam Bankman-Fried was scheduled to testify to the House Financial Services Committee in Washington tomorrow. Instead, the US District for the Southern District of New York arrested him in the Bahamas.
As a former prosecutor this doesn’t make much sense. You want him to talk…
— Abe Hamadeh (@AbrahamHamadeh) December 13, 2022
At the time of the hearing, the SEC also included FTX as an example of “very real risks that unregistered crypto asset trading platforms can pose for investors and customers alike,” said Gurbir Grewal, the agency’s director of the enforcement division. They said that SBF is responsible for, “fraudulently raising billions of dollars from investors in FTX and misusing funds belonging to FTX’s trading customers.”
Bankman-Fried was set to testify before the House tomorrow. Tonight he was arrested.
While I am disappointed we will not have the opportunity to present our line of questioning, we look forward to more information coming to light and justice being served in this case. https://t.co/HS9u1n5Kur
— Alexandria Ocasio-Cortez (@AOC) December 13, 2022
Hope you get everything about SBF and his business. Recently he is facing bankruptcy, because of the FTX crash. To know more about other entrepreneur news bookmark our site venturejolt.com.