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SBF Sam Bankman-Fried founded the cryptocurrency exchange FTX and the trading firm Alameda Research, building both into major players in the crypto industry before the collapse of FTX in November 2022 revealed that customer funds had been improperly transferred to Alameda and used for investments, political donations, and personal expenditures. He was arrested in the Bahamas in December 2022 and extradited to the United States to face federal fraud charges. He was convicted in November 2023 on seven counts of fraud and conspiracy and sentenced in March 2024 to 25 years in federal prison.
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