Sam Bankman-Fried, also known by the initials SBF, has tumbled from crypto king to convicted fraudster.
The founder of the FTX cryptocurrency exchange was found guilty in November of defrauding customers of his cryptocurrency exchange out of billions of dollars.
A Manhattan jury convicted him on all seven counts after a month-long trial.
FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) fortune.
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-Frieddidn’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.
Image: Sam Bankman-Fried after his arrest in the Bahamas
The start of the crypto king
After three years at Jane Street, Bankman-Fried quit with his eye on taking more risks to make more money.
He landed on crypto as the best way of getting rich quickly.
It started with Bitcoin. He realised it was selling for more in Asia than it was in the US – and figured if he could buy it in one place and sell it in another he could turn an easy profit.
“I got involved in crypto without any idea what crypto was,” he told Forbes. “It just seemed like there was a lot of good trading to do.”
In 2017 he co-founded cryptocurrency trading firm Alameda Research, bringing in other recruits from the effective altruism community and reportedly donating half of the company’s profits to charity.
At its peak, the company was moving $25m in Bitcoin each day.
Two years later, he founded FTX, an exchange which allowed users to buy and sell buy cryptocurrencies, and moved to Hong Kong.
The FTX boom
From Hong Kong, operations moved to the tax haven of the Bahamas, where Bankman-Friedbought a multimillion-dollar waterfront penthouse.
The luxury property, overlooking an area used for filming the scene where Daniel Craig famously emerged from the water as James Bond in Casino Royale, was also used as a home office for Bankman-Fried and up to nine of his FTX devotees.
In 2021, Forbes described him as “the richest twentysomething in the world” with a net worth of $22.5bn, putting him at 32 on The Forbes 400 rich list.
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3:29
What went wrong for FTX’s Sam Bankman-Fried?
Relationship with Caroline Ellison
Bankman-Fried had an on-again, off-again relationship with Caroline Ellison, having met her while working at Jane Street.
He persuaded her to join Alameda Research. As a fellow effective altruist, she was also attracted by the prospect of earning money to give to charity.
The pair lived together in the Bahamas penthouse.
Ellison, who became Alameda’s co-chief executive in 2021 and assumed full control last year, has pleaded guilty to fraud charges and agreed to cooperate with prosecutors.
She appeared to have been unhappy at Alameda long before its collapse.
In July, the New York Times published an article citing her personal writings from early 2022, in which she described feeling “unhappy and overwhelmed” at work and “hurt/rejected” by a breakup with Bankman-Fried.
He was initially charged with conspiring to break US campaign finance laws, but this charge was dropped after The Bahamas said it was not part of its agreement to extradite him.
However, a judge has said the political donations can still be discussed at the trial because they are “intertwined inextricably” with the fraud charges.
The trial
After he was arrested in the Bahamas in December and extradited to the US, Bankman-Fried was found guilty of seven charges of fraud and conspiracy stemming from the collapse of FTX.
Bankman-Fried – who pleaded not guilty to two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered.
He admitted “mistakes” in running FTX when he testified during the month-long trial, but denied stealing at least $10bn of his customers’ money.
Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research – with a huge financial black hole emerging when crypto markets fell sharply.
The hit musical about anti-government protest is now showing at the Kennedy Center in Washington DC.
Donald Trump was in the audience for Wednesday’s performance for what amounts to a busman’s holiday.
The narrative explores issues of social justice, love, and the enduring power of human compassion amidst a backdrop of poverty and revolution. Not everyone shares the president’s vision of those themes.
Indeed his presence drew what can only be described as mixed reviews from his fellow theatre goers – cheers and boos in equal measure as he waved from the front row of the circle.
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The script of Les Miserables barely presents a break from the day job – Trump won’t be the only one getting a sense of art imitating life, as the real thing plays out on the streets of LA.
It is the first show the president has chosen to attend since he made sweeping changes at the iconic venue, prompting an outcry and accusations that he was politicising art and ‘MAGAfying’ the venerated institution.
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According to CNN, a number of Les Miserables cast members had planned to sit out the performance in protest.
The Kennedy Center is a prestigious venue that showcases the best of American performance art.
More than 2,000 shows per year include the famous honours ceremony, an annual event that celebrates artists who have made a significant contribution to US culture.
Honourees through the years have included Joni Mitchell, Aretha Franklin, the Grateful Dead and Francis Ford Coppola.
Image: The Kennedy Center in Washington DC
Following his election in November, Trump made himself chairman of the Kennedy Center’s board and replaced members with political loyalists.
Traditionally, the board has been made up of individuals from across the political spectrum; after his election, Trump got rid of 18 members and replaced them with political soulmates, including his chief of staff Susie Wiles and Fox presenters Laura Ingraham and Maria Bartiromo.
Donald Trump signalled a change in artistic direction at the Kennedy Center when he wrote on social media of “Drag shows specifically targeting our youth”, and said of its production schedule: “We didn’t like what they were showing, we’re going to make sure it’s good and it’s not going to be woke.”
His changes prompted a number of acts to cancel shows at the venue in protest. The touring production of Broadway hit Hamilton cancelled dates, as did actor and producer Issa Rae, writer Louise Penny and Pulitzer Prize-winning folk musician Rhiannon Giddens.
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Trump’s attendance at the Les Mis performance was designed to boost fundraising, with donors paying up to $2m to attend a reception with the president.
Ticket sales and subscriptions have, reportedly, slumped since Trump’s changes although the centre’s management points out its campaign to renew subscriptions has been launched later this year than last.
Trump watched the performance of Les Miserables from the presidential box, in the company of his wife, Melania.
Vice president JD Vance was also there. When he attended a performance by the National Symphony Orchestra in March with his wife, he was booed by members of the audience.
For the first time in more than 30 years, tanks will roll through the capital of the United States.
The 250th anniversary of the United States Army could see hundreds of thousands descend on Washington DC to watch as 60-ton M1 Abrams battle tanks and Paladin self-propelled howitzers rumble along the streets.
But, like almost everything Donald Trump is involved in, it has not come without controversy or criticism.
It wasn’t originally planned as a birthday celebration – the event had been in the works since before Trump was elected – but earlier this year the President announced his intention to add a massive military parade to the event, which would coincide with his own 79th birthday.
Speaking earlier this week, Trump said it is going to be a “big day”, adding: “We want to show off a little bit.”
Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.
More than 1,500 ‘No Kings’ demonstrations have also been planned across the US, but the group has said it will not be holding events in Washington DC, in part to avoid a direct confrontation.
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It comes as the president warned that any protesters who rain on his military parade “will be met with very big force”.
Does the US typical hold military parades?
Unlike other countries, military parades in the United States are fairly rare, but Trump has made no secret of his desire for one.
The last time such a major display took place in the US it was in 1991, when tanks and thousands of troops paraded through Washington to celebrate the ousting of Iraqi president Saddam Hussein’s army from Kuwait.
Image: Troops march over the Memorial Bridge in Washington DC, as they head towards the Pentagon during the National Victory Day Parade in 1991. Pic: PA
During Trump’s first administration, he ordered the Pentagon to look into holding a display after a visit to France in 2017.
He was seemingly inspired after witnessing the country’s Bastille Day parade, and attempted to plan a Veteran’s Day parade for 2018. However, this was cancelled due to “ridiculously high” cost estimates.
Trump ultimately settled for a display of tanks and other armoured vehicles during a fourth of July celebration, named Salute to America, two years later.
Image: Tanks parade past President Donald Trump, Melania Trump, President Emmanuel Macron and his wife Brigitte Macron in 2017. Pic: AP
What is happening on the day?
Saturday will start with a wreath-laying ceremony in the morning at Arlington National Cemetery, followed by an army birthday festival on the National Mall in DC. The festival will include equipment displays and military demonstrations.
The day will conclude with a military parade throughout the city, overseen by Trump.
After the parade, the US Army Golden Knights team will parachute in and present the president with a flag.
How much will it cost?
All the celebrations will cost the US Army between $25 million (£18.51m) and $45 million (£33.33m), officials told Reuters.
Image: Preparations are underway in Washington DC for the celebrations. Pic: AP
These estimates include costs that will be born by the city of Washington, include litter clean up. The event will involve 18 miles of fencing and 175 metal detectors being installed in the capital.
The military has also begun taking steps to protect the streets from damage caused by heavy tanks, including laying down metal plates in some areas.
The Army said it will pay for any unexpected repairs if needed and has set aside several million dollars in case of damage.
Why is it controversial?
President Trump’s critics have called the parade an authoritarian display of power, that is particularly wasteful as his administration seeks to slash federal spending.
Image: Military vehicles are being transported to Washington DC ahead of this weekend’s parade. Pic: AP
The cost of the Army’s celebration is several million dollars more than it would have been without a parade, officials said.
Among the critics is California Governor Gavin Newsom, who has been trading barbs with Trump since the outbreak of riots in LA.
“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.
Image: Among the critics is California Governor Gavin Newsom. Pic: AP
“This is his ego and making everything about ‘him’,” Senator Jack Reed, the top democrat on the Senate Armed Services Committee, has also said.
But other officials have pointed out plans for the Army’s 250th birthday began before Trump won the presidential election, and it is not officially an event to mark his birthday – the dates just happen to be the same.
How will it compare to military parades around the world?
One of the criticisms of the parade is that it is a show of military might more often seen in authoritarian countries, such as North Korea, Russia, Iran and China.
This is because tanks in the streets are symbolically associated with these regimes, where they are designed to inspire nationalism and fear, whilst also promoting obedience – they often take place under the watchful eye of their country’s leader.
Russia holds its annual Victory Day parade on 9 May to commemorate the country’s Soviet victory over Nazi Germany. In recent years, it has been used to protect military strength during the Ukraine war.
Image: Red Square during a military parade on Victory Day in 2025. Pic: Reuters
China holds a National Day parade on 1 October every ten years, or on key anniversaries, to celebrate the founding of the People’s Republic in 1949.
In Iran, an Army Day Parade takes place in April, a month after the country’s Revolution Day celebrations.
Image: North Korea’s 2023 military parade. Pic: AP
North Korea holds parades on key dates like Kim Il-sung’s birthday, or the ruling party’s foundation day. Taking place in the country’s capital of Pyongyang, the display will often feature new weapons, closely watched by leader Kim Jong-un.
But not every country that holds a military parade is necessarily authoritarian.
Image: Pic: MoD
The UK holds its annual Trooping of the Colour every summer to celebrate the birthday of the British Monarch.
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2:46
Israeli PM announces strikes on Iran
The two leaders had what was described as a heated 40-minute exchange by telephone last Monday.
Speaking just hours before the attack, Trump said he feared such action would destroy US hopes of agreement with Iran.
Time and time again, the US president has insisted that Iran cannot have a nuclear weapon.
But the Americans and Iranians have been engaged in negotiations for months as the US president sought a diplomatic solution. At one point, he even appeared to concede slightly on enrichment.
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15:11
‘They cannot have nuclear weapons’
But Israel claimed the weaponisation of enriched uranium posed “a clear and present danger to Israel’s very survival”.
Netanyahu values his relationship with Trump, but the timing of this action was on Israel’s terms.