Sam Bankman-Fried has been convicted of counts of serious financial fraud.
The crypto mogul owned a crypto trading firm and an exchange, the trouble started there.
Transfers between the two and preferential treatment led to downfall.
In the world of cryptocurrency, where fortunes rise and fall like
digital tides, the story of Sam Bankman-Fried and FTX is a gripping tale of
ambition, controversy, and a spectacular downfall.
Unconventional Beginnings
In the world of digital currencies, crypto king Sam
Bankman-Fried was a serious player. In 2017, he co-founded Alameda Research, a
crypto trading firm that would later take the industry by storm. However, Bankman-Fried’s
bright idea, and ultimately his undoing, was to create a crypto exchange in
2019. He birthed FTX, an exchange that was intended to fuel Alameda's
activities. As if founding the two wasn't enough, he assumed the role of CEO
for both entities and held the title until 2021.
One seriously dubious element in the whole @FTX_Official affair is ”the secret exemption of Alameda from certain aspects of https://t.co/n3hge2CrmT’s auto-liquidation protocol.”
The downfall began with Alameda suffering a cascade of losses in May
and June 2022, with FTX reportedly lending over half of its customer funds to the
firm. This ill-advised move, in stark violation of FTX's own terms of service,
was described by Sam Bankman-Fried as a 'poor judgment call' in a serious
understatement. On 12 November 2022, The Wall Street Journal reported that
anonymous sources had said that Alameda CEO Caroline
Ellison said that she, Bankman-Fried, Gary Wang, and Nishad Singh were
aware of that decision. Worse still, FTX used software to cloak the
misappropriation of these customer assets, igniting a firestorm of controversy.
Binance's Bombshell and FTX's
Plummeting Fortunes
Things only got worse following Binance's revelation on November 7,
2022, of its intention to divest its FTT holdings. This bombshell, coupled with
FTT's languishing trading volume and the simmering feud between CEO Zhao
Changpeng and Bankman-Fried, sent FTT's value into a nosedive. Binance claimed
that this abrupt move was caused by "recent
revelations", but would say no more at the time. It was a blow that
reverberated across the entire crypto landscape, resulting in a massive exodus
of $6 billion from FTX, leaving it unable to meet the clamor for withdrawals.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
6/ Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to “extraordinary lengths to make us pay” – we still have those text messages.
FTX's website froze withdrawals on November 9, and the firm, despite
boasting assets greater in value than their customer deposits, found itself
strapped for cash. Desperate pleas for $10 billion in emergency financing
ensued. The crisis engulfed Alameda Research, with the revelation that Alameda
owed FTX a staggering $10 billion, funds originally meant for trading. As chaos
reigned, assets like the naming rights to FTX Arena – the home of Miami Heat - went
up for sale, while internal conflicts and resignations fractured the company's
leadership.
FTX Arena will soon be no more, according to statement from Miami-Dade county and the Heat. The search will begin to find new naming rights for arena. pic.twitter.com/qYTAtygPlR
The cataclysmic journey ended with FTX, FTX US, and Alameda Research declaring
bankruptcy on November 11, 2022. The turmoil left an estimated $8 billion
in debts, and the fallout reached international shores as regulators in the Bahamas
and Japan stepped in. Unanswered questions persisted about the whereabouts of a
substantial chunk of customer funds, rendering FTX's balance sheet a tale of
financial recklessness.
As FTX plunged further into chaos, a shocking $473 million vanished in
what FTX US termed "unauthorized transactions." Funds primarily in
stablecoins like Tether were swiftly converted to Ether, a classic crypto thief
maneuver. The resulting chaos left many unanswered
questions, with blame cast on “an ex-employee” or malware.
And, all this leads us up to today, where Sam Bankman-Fried has been
found guilty of a variety of money laundering and fraud and faces a potential 110
years in prison.
In the world of cryptocurrency, where fortunes rise and fall like
digital tides, the story of Sam Bankman-Fried and FTX is a gripping tale of
ambition, controversy, and a spectacular downfall.
Unconventional Beginnings
In the world of digital currencies, crypto king Sam
Bankman-Fried was a serious player. In 2017, he co-founded Alameda Research, a
crypto trading firm that would later take the industry by storm. However, Bankman-Fried’s
bright idea, and ultimately his undoing, was to create a crypto exchange in
2019. He birthed FTX, an exchange that was intended to fuel Alameda's
activities. As if founding the two wasn't enough, he assumed the role of CEO
for both entities and held the title until 2021.
One seriously dubious element in the whole @FTX_Official affair is ”the secret exemption of Alameda from certain aspects of https://t.co/n3hge2CrmT’s auto-liquidation protocol.”
The downfall began with Alameda suffering a cascade of losses in May
and June 2022, with FTX reportedly lending over half of its customer funds to the
firm. This ill-advised move, in stark violation of FTX's own terms of service,
was described by Sam Bankman-Fried as a 'poor judgment call' in a serious
understatement. On 12 November 2022, The Wall Street Journal reported that
anonymous sources had said that Alameda CEO Caroline
Ellison said that she, Bankman-Fried, Gary Wang, and Nishad Singh were
aware of that decision. Worse still, FTX used software to cloak the
misappropriation of these customer assets, igniting a firestorm of controversy.
Binance's Bombshell and FTX's
Plummeting Fortunes
Things only got worse following Binance's revelation on November 7,
2022, of its intention to divest its FTT holdings. This bombshell, coupled with
FTT's languishing trading volume and the simmering feud between CEO Zhao
Changpeng and Bankman-Fried, sent FTT's value into a nosedive. Binance claimed
that this abrupt move was caused by "recent
revelations", but would say no more at the time. It was a blow that
reverberated across the entire crypto landscape, resulting in a massive exodus
of $6 billion from FTX, leaving it unable to meet the clamor for withdrawals.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
6/ Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to “extraordinary lengths to make us pay” – we still have those text messages.
FTX's website froze withdrawals on November 9, and the firm, despite
boasting assets greater in value than their customer deposits, found itself
strapped for cash. Desperate pleas for $10 billion in emergency financing
ensued. The crisis engulfed Alameda Research, with the revelation that Alameda
owed FTX a staggering $10 billion, funds originally meant for trading. As chaos
reigned, assets like the naming rights to FTX Arena – the home of Miami Heat - went
up for sale, while internal conflicts and resignations fractured the company's
leadership.
FTX Arena will soon be no more, according to statement from Miami-Dade county and the Heat. The search will begin to find new naming rights for arena. pic.twitter.com/qYTAtygPlR
The cataclysmic journey ended with FTX, FTX US, and Alameda Research declaring
bankruptcy on November 11, 2022. The turmoil left an estimated $8 billion
in debts, and the fallout reached international shores as regulators in the Bahamas
and Japan stepped in. Unanswered questions persisted about the whereabouts of a
substantial chunk of customer funds, rendering FTX's balance sheet a tale of
financial recklessness.
As FTX plunged further into chaos, a shocking $473 million vanished in
what FTX US termed "unauthorized transactions." Funds primarily in
stablecoins like Tether were swiftly converted to Ether, a classic crypto thief
maneuver. The resulting chaos left many unanswered
questions, with blame cast on “an ex-employee” or malware.
And, all this leads us up to today, where Sam Bankman-Fried has been
found guilty of a variety of money laundering and fraud and faces a potential 110
years in prison.
Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.
Gold Price Prediction 2026: WGC Warns of 20% Crash Risk
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
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He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown