Career Timeline of Sam Bankman-Fried: Major Achievements and Milestones
From career breakthroughs to professional milestones, explore how Sam Bankman-Fried made an impact.
Sam Bankman-Fried, or SBF, is an American entrepreneur and the founder of the FTX cryptocurrency exchange. Once hailed as a crypto prodigy, FTX grew into a global platform with numerous international affiliates. Bankman-Fried reached considerable wealth, becoming one of the richest Americans according to Forbes. However, he was subsequently convicted of fraud and other related financial crimes in November 2023, marking a significant downfall from his previous status.
2010: $1,000 contribution to Michael Bennet
In 2010 Bankman-Fried made a $1,000 contribution to Michael Bennet.
2013: Internship at Jane Street Capital
In the summer of 2013, Sam Bankman-Fried worked as an intern at Jane Street Capital, trading international ETFs.
2014: Graduation from MIT
In 2014, Sam Bankman-Fried graduated from the Massachusetts Institute of Technology (MIT) with a bachelor's degree in physics and a minor in mathematics.
September 2017: Departure from Jane Street
In September 2017, Sam Bankman-Fried left Jane Street Capital.
November 2017: Brief Stint at the Centre for Effective Altruism
From October to November 2017, Sam Bankman-Fried worked briefly at the Centre for Effective Altruism (CEA) as director of development.
November 2017: Cofounding of Alameda Research
In November 2017, Sam Bankman-Fried cofounded the quantitative trading firm Alameda Research, with Tara Hedley.
January 2018: Arbitrage Trade Organization
In January 2018, Sam Bankman-Fried organized an arbitrage trade involving bitcoin, moving up to $25 million per day to capitalize on price differences between Japan and the United States.
April 2019: Founding of FTX
In April 2019, Sam Bankman-Fried founded the FTX cryptocurrency derivatives exchange.
2019: Minimal Campaign Finance Activity Prior to 2019
Bankman-Fried's only campaign finance activity prior to 2019 was a $1,000 contribution in 2010 to Michael Bennet.
2020: Major Donations to Biden's Presidential Campaign
For the 2020 U.S. elections, Sam Bankman-Fried contributed $5.2 million to super PACs supporting Joe Biden's 2020 presidential campaign.
September 2021: Relocation to the Bahamas
In September 2021, Sam Bankman-Fried and the senior staff of FTX relocated from Hong Kong to the Bahamas.
October 2021: Donation to Guarding Against Pandemics PAC
Between October 2021 and May 2022, Bankman-Fried donated $35 million to Guarding Against Pandemics.
December 8, 2021: Testimony Before Congress
On December 8, 2021, Sam Bankman-Fried testified before the Committee on Financial Services regarding cryptocurrency industry regulation.
2021: Ownership of Alameda Research
By 2021, Sam Bankman-Fried owned approximately 90 percent of Alameda Research.
2021: Political Donations in the 2021-22 Election Cycle
During the 2021-22 election cycle, Bankman-Fried donated $27 million to Protect Our Future, a Democratic PAC. According to public records, he gave $990,000 to Democrat candidates and $38.8 million to outside groups.
2021: Binance's Equity in FTX
In 2021, Binance received $529 million worth of FTT as part of a sale of its equity in FTX.
2021: Donations to Republican Party Campaigns
In the 2021-22 cycle, Bankman-Fried made donations to Republican Party campaigns totaling $262,200.
February 2022: Bankman-Fried's Political Contributions and Crypto Regulation
In February 2022, Bankman-Fried stated his political contributions were not aimed at influencing policy goals for the crypto ecosystem, while FTX circulated suggestions to policymakers. He preferred the CFTC to take a larger role in regulating the crypto industry.
May 12, 2022: Investment in Robinhood
On May 12, 2022, it was disclosed that Emergent Fidelity Technologies Ltd., majority-owned by Bankman-Fried, had acquired a 7.6 percent stake in Robinhood Markets stock.
May 15, 2022: FTX Donates to TOGETHER Trial
On May 15, 2022, FTX announced it had donated $18 million to support "TOGETHER Trial," to test existing drugs as treatments for various conditions, including COVID-19.
May 2022: Donation to Guarding Against Pandemics PAC
Between October 2021 and May 2022, Bankman-Fried donated $35 million to Guarding Against Pandemics.
May 2022: Planned Political Spending for 2024 Election
In May 2022, Bankman-Fried stated he planned to spend "north of $100 million" in the 2024 presidential election, with a "soft ceiling" of $1 billion.
June 2022: Signing the Giving Pledge
In June 2022, Sam Bankman-Fried signed the Giving Pledge, committing to donate a majority of his wealth to philanthropic causes.
September 1, 2022: Future Fund's Committed Donations
As of September 1, 2022, Future Fund stated it had committed around $160 million to 110 nonprofits.
September 2022: Reported Offer to Fund Twitter Purchase
In September 2022, it was reported that Sam Bankman-Fried's advisors had offered on his behalf to help fund Elon Musk's purchase of Twitter.
October 2022: Walk Back of Spending Pledge
In October 2022, Bankman-Fried walked back his pledged spending for the 2024 election, calling it a "dumb quote on my part."
October 2022: Donation to Beto O'Rourke
In October 2022, Bankman-Fried's campaign donated $1 million to Beto O'Rourke's campaign.
November 11, 2022: FTX and Alameda Research Declare Bankruptcy
On November 11, 2022, FTX, Alameda Research, and over 130 associated legal entities declared bankruptcy. Reports indicated Bankman-Fried had transferred billions from FTX to Alameda without disclosure.
November 11, 2022: Bankman-Fried Resigns as CEO of FTX
On November 11, 2022, Sam Bankman-Fried resigned as CEO of FTX and was replaced by John J. Ray III. FTX and related entities filed for bankruptcy in Delaware on the same day.
November 2022: FTX Bankruptcy Filing
In November 2022, evidence of potential fraud at FTX surfaced, leading to a rapid withdrawal of assets by depositors and forcing the company into bankruptcy.
December 12, 2022: Arrest and Extradition
On December 12, 2022, Sam Bankman-Fried was arrested in the Bahamas and subsequently extradited to the United States to face seven criminal charges.
October 3, 2023: Start of Trial
On October 3, 2023, the trial of Sam Bankman-Fried began in Manhattan, where he faced seven counts of fraud and conspiracy.
November 2023: Conviction of Fraud and Related Crimes
In November 2023, Sam Bankman-Fried was convicted of fraud and related crimes, marking a significant downturn in his career and reputation.
March 28, 2024: Sentencing
On March 28, 2024, Sam Bankman-Fried was sentenced to 25 years in prison and ordered to forfeit $11 billion after being convicted on seven counts of fraud, conspiracy, and money laundering.
2024: Investigation of Legality of Paying Donald Trump Not to Run
In 2024, it was revealed that Bankman-Fried had investigated the legality of directly paying Donald Trump not to run for president, with a potential figure of $5 billion discussed.
