Occasions main as much as FTX founder Sam Bankman-Fried's 25-year sentence

By Luc Cohen

NEW YORK (Reuters) -Sam Bankman-Fried was sentenced to 25 years in jail on Thursday over his conviction on fraud costs stemming from the dramatic collapse of the FTX cryptocurrency change he based.

Under is a timeline of occasions main as much as the 32-year-old former billionaire’s sentencing: 

2017

Bankman-Fried, a Massachusetts Institute of Know-how graduate, quits his job as a quantitative dealer at Jane Avenue Capital and launches Alameda Analysis, a buying and selling agency targeted on cryptocurrency.

MAY 2019

Bankman-Fried and former Google (NASDAQ:) worker Gary Wang discovered FTX as a brand new platform to commerce crypto tokens and derivatives.

OCTOBER 2021

FTX raises $420 million in enterprise funding, valuing the corporate at $25 billion. Bankman-Fried debuts on the Forbes billionaires checklist, which estimates his internet price at $22.5 billion. The journal’s evaluation of his wealth would rise to $26 billion by the top of the 12 months.

FEBRUARY 2022

The NFL Tremendous Bowl’s broadcast is heavy on cryptocurrency ads, signifying the peak of the craze for the booming asset class. FTX’s “Do not Miss Out” spot options actor Larry David, whose skepticism in regards to the platform is portrayed as akin to an early human doubting the significance of the wheel.

JUNE-JULY 2022

Bankman-Fried emerges because the cryptocurrency sector’s so-called “white knight” amid a collapse within the costs of and different digital property. Alameda offers crypto lender Voyager Digital a $200 million credit score facility, and FTX offers lender BlockFi a $250 million mortgage.

NOV. 2, 2022

Crypto information web site CoinDesk publishes a leaked Alameda Analysis stability sheet exhibiting that a lot of its $14.6 billion in property is held in FTX’s personal token, referred to as FTT. The token subsequently sheds round $400 million of its market cap, and rival change Binance says it should promote its FTT holdings.

NOV. 11, 2022

FTX information for U.S. chapter safety after a wave of buyer withdrawals, and Bankman-Fried resigns as its chief government officer.

DEC. 12, 2022

Bankman-Fried is arrested within the Bahamas, the place he lives and the place FTX relies. The U.S. Legal professional’s workplace in Manhattan later confirms {that a} federal grand jury has indicted him for fraud and conspiracy costs.

DEC. 21, 2022

Bankman-Fried leaves the Bahamas after agreeing to be extradited to america. Whereas he’s within the air, prosecutors reveal that Wang and Alameda chief government Caroline Ellison have pleaded responsible and agreed to cooperate with prosecutors.

DEC. 22, 2022

Bankman-Fried makes an preliminary look in Manhattan federal court docket and is launched to dwelling detention at his dad and mom’ dwelling in Palo Alto, California, on $250 million bond.

JAN. 3-12, 2023

Bankman-Fried pleads not responsible and U.S. District Decide Lewis Kaplan schedules his trial for October. In a post-arrest weblog put up, Bankman-Fried denies stealing funds and blames FTX’s collapse on a broader downturn in crypto markets.

AUG. 11, 2023

Kaplan revokes Bankman-Fried’s bail after discovering possible trigger to imagine he tampered with witnesses no less than twice, together with by sharing Ellison’s non-public writings with a New York Occasions reporter. Bankman-Fried is remanded to Brooklyn’s Metropolitan Detention Middle pending trial.

OCT. 3, 2023

Trial begins in Manhattan federal court docket.

OCT. 28, 2023

Bankman-Fried testifies in his personal protection, saying a “lot of individuals received damage” when FTX collapsed however insisting he didn’t defraud anybody or steal billions of {dollars} from clients.

NOV. 2, 2023

Bankman-Fried is convicted of all seven costs he confronted. 

MARCH 28, 2024

Kaplan sentences Bankman-Fried to 25 years in jail.