By Luc Cohen
NEW YORK (Reuters) -Sam Bankman-Fried was sentenced to 25 years in jail on Thursday over his conviction on fraud fees stemming from the dramatic collapse of the FTX cryptocurrency trade he based.
Beneath is a timeline of occasions main as much as the 32-year-old former billionaire’s sentencing:
2017
Bankman-Fried, a Massachusetts Institute of Expertise graduate, quits his job as a quantitative dealer at Jane Road 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 listing, 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 yr.
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 belongings. Alameda provides crypto lender Voyager Digital a $200 million credit score facility, and FTX provides 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 belongings is held in FTX’s personal token, referred to as FTT. The token subsequently sheds round $400 million of its market cap, and rival trade Binance says it can promote its FTT holdings.
NOV. 11, 2022
FTX recordsdata 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 is predicated. The U.S. Lawyer’s workplace in Manhattan later confirms {that a} federal grand jury has indicted him for fraud and conspiracy fees.
DEC. 21, 2022
Bankman-Fried leaves the Bahamas after agreeing to be extradited to the USA. 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 courtroom and is launched to dwelling detention at his mother and father’ dwelling in Palo Alto, California, on $250 million bond.
JAN. 3-12, 2023
Bankman-Fried pleads not responsible and U.S. District Choose 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 not less than twice, together with by sharing Ellison’s non-public writings with a New York Instances reporter. Bankman-Fried is remanded to Brooklyn’s Metropolitan Detention Heart pending trial.
OCT. 3, 2023
Trial begins in Manhattan federal courtroom.
OCT. 28, 2023
Bankman-Fried testifies in his personal protection, saying a “lot of individuals bought damage” when FTX collapsed however insisting he didn’t defraud anybody or steal billions of {dollars} from prospects.
NOV. 2, 2023
Bankman-Fried is convicted of all seven fees he confronted.
MARCH 28, 2024
Kaplan sentences Bankman-Fried to 25 years in jail.
