On this Wikipedia the language links are at the top of the page across from the article title. Prior to FTX’s collapse, Bankman-Fried was ranked the 41st richest American in the Forbes 400, and the 60th richest person in world by The World’s Billionaires. Before Bankman-Fried’s wealth disappeared in November 2022, Bankman-Fried was a major donor to Democratic political campaigns, and planned to spend tens of millions in the 2024 U. On December 12, fried bannock, Bankman-Fried was arrested in the Bahamas, pending potential extradition to the United States.
An indictment of him before the U. Bankman-Fried was born on March 6, 1992, on the campus of Stanford University, into a Jewish family. USA Mathcamp, a summer program for mathematically talented high-school students. In the summer of 2013, Bankman-Fried worked as an intern at Jane Street Capital, a proprietary trading firm, trading international ETFs. In September 2017, Bankman-Fried left Jane Street and moved to Berkeley, where he worked briefly at the Centre for Effective Altruism as director of development from October to November 2017. In September 2022, it was reported that Bankman-Fried’s advisors had offered on his behalf to help fund Elon Musk’s purchase of Twitter. Bankman-Fried publicly supported effective altruism and contended that he was pursuing earning to give as an altruistic career.
In November 2022, Binance CEO Changpeng Zhao revealed on Twitter that his firm intended to sell its holdings of FTT, FTX’s token. 529 million worth of FTT as part of a sale of its equity in FTX in 2021. On November 8, Zhao announced that Binance had entered into a non-binding agreement to purchase FTX due to a liquidity crisis at FTX. Zhao stated that Binance would complete due diligence soon and that all crypto exchanges should avoid using tokens as collateral. 4 billion from FTX to Alameda Research, without any disclosure to insiders or the public, earlier in 2022. The sources said that the money transferred had included customer funds, and that it was backed by FTT and shares in Robinhood. Bankman-Fried resigned as CEO of FTX on November 11 and was replaced by John J.
Ray III, who has experience helping creditors recoup losses at other companies, including Enron. FTX and related entities filed for bankruptcy in Delaware on the same day. On December 12, 2022, Bankman-Fried was arrested shortly after 6 p. Bahamas by the Royal Bahamas Police Force with the expectation that he would be extradited to the United States to face trial. Bankman-Fried faces a maximum of 115 years in prison if convicted on all eight counts and sentenced to serve each charge consecutively. Bankman-Fried eventually consented to extradition to the United States to face fraud charges. 250 million bond, the largest such bond ever set in an American criminal proceeding.