03-10-23, 18:24
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re: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison
Trial of 'King of Crypto' Billionaire Sam Bankman-Fried Begins
Sam Bankman-Fried, also known by the initials SBF, has tumbled from crypto king to courtroom defendant.
BBC 3 OCT 2023
Sam Bankman-Fried had a meteoric rise and an even sharper fall, from running a £21bn crypto empire to facing a possible jail sentence of more than 100 years. But who is the curly haired 31-year-old, and how did he reach this point?
The fraud charges against him - which he denies - stem from the November 2022 collapse of his now-bankrupt business.
But how did the 31-year-old go from such astronomic financial heights to facing a legal fight for freedom?
His Early Life
Bankman-Fried grew up in California's wealthy San Francisco Bay area, where he attended a $56,000-a-year school.
Both his parents were professors at the prestigious Stanford Law School.
He studied at the Massachusetts Institute of Technology (MIT) where he lived in a group house called Epsilon Theta, which promotes itself as an alcohol-free community "known for liking beanbags, board games, puzzles, and rubber ducks".
He once told an FTX podcast he did not apply himself in classes and did not know what to do with his life for most of college.
Bankman-Fried graduated in 2014 with a major in physics and a minor in maths.
Vegan, teetotaller, effective altruist
Bankman-Fried didn't lose the values of Epsilon Theta after graduation, if what he has told journalists is to be believed.
He pushed back against claims of drug and alcohol use at FTX, telling the New York Times' DealBook Summit there were no "wild parties" at the company.
"When we had parties, we played board games and, you know, 20% of people would have three-quarters of a beer each or something like that. And you know, the rest of us would not drink anything," he said.
He is also known for being a vegan - and has stuck to his principles in jail despite not being provided with vegan meals, according to his lawyers.
They said he was "literally subsisting" on bread, water and peanut butter in the run-up to his trial.
His veganism is linked to a history of animal rights activism - which in turn is bound up with the effective altruism movement.
While studying, he was reportedly considering a career in animal welfare, having organised a protest against factory farming in his first year of college.
But he met with Will MacAskill, one of the movement's leaders, who told him he could make more of an impact by finding a career that paid well, and then donating money to charity.
This is known as "earning to give" and it's one of the central pillars of effective altruism, a movement that seeks to do good by using resources effectively.
When Bankman-Fried took a job at quantitative trading firm Jane Street after graduating, he said he donated about half of his salary to charities, including animal welfare organisations.
He talked about plans to eventually donate most of the money made in his lifetime, with a focus on "long-termism" or safeguarding the future of humanity.
Sam Bankman-Fried after his arrest in the Bahamas
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