Sam Bankman-Fried is gradually becoming the number-one infamous personality in the cryptocurrency world. He is under trial by SEC and CFTC for one of the largest scam in the US history. But you are here to know more about him for all the other reasons.
Today we will touch on a number of topics in Sam’s life, right from his early life, how he mastered his career, all the way to December 2022, when he was arrested in connection with securities fraud, wire fraud, and a conspiracy valuing all the way close to $8 billion.
So keeping all the legal ups and downs aside for a while, let us explore the biography of Sam Bankman-Fried, step-by-step to give you some background on his life.
Early Life & Education of Sam Bankman-Fried
He is 30 years old and was born on March 6, 1992, in a family of Jewish professors, Barbara Fried and Joseph Bankman, at Stanford Law School in California. Their other son, Gabriel Bankman-Fried served the non-profit Guarding Against Pandemics and its associated political action committee, as director. Sam Bankman-Fried is nephew of Linda P. Fried, dean of Columbia University Mailman School of Public Health.
Sam Bankman-Fried passed his high school studies from Hillsborough, California at Crystal Springs Uplands School. During 2010 to 2014, he studied in Massachusetts Institute of Technology (MIT) for his graduation in bachelor’s degree in physics and a mathematics minor.
A mathematics genius, Sam also qualified a special summer program designed for mathematics scholars. This program is also popularly called Canada/USA Mathcamp.
Sam Bankman-Fried’s Personal Life & Girlfriend
Sam Bankman-Fried (also called SBF) is a vegan. Along with about 10 of his folks, he used to live in a five-bedroom Bahamian penthouse, until mid-2021. After the bankruptcy of FTX, the penthouse was floated in market for an asking of $40 million.
Sam Bankman-Fried was in relationship with the CEO at Alameda Research, Caroline Ellison, according to his colleagues at Alameda.
Sam Bankman-Fried’s Career So Far
During his graduation at MIT, Sam Bankman-Fried joined a trading firm, Jane Street Capital and learnt to trade Exchange Traded Fund (ETF). After completing his degree, he joined the Jane Street Capital as 9 to 5 employee. Bankman-Fried moved away from Jane Street in September 2017 and settled in Berkeley.
From October to November of that year, he served as the director of development for the Centre for Effective Altruism. With Tara Mac Aulay from the Centre of Effective Altruism, he co-founded Alameda Research, a quantitative trading company, in November 2017. Bankman-Fried held over 90% of Alameda Research as of 2021.
Bankman-Fried set up an arbitrage trade in January 2018 to profit from the higher price of bitcoin in Japan compared to the United States, moving up to $25 million a day. He relocated to Hong Kong after going to a cryptocurrency conference in Macau in late 2018.
A cryptocurrency derivatives exchange called FTX was developed by Bankman-Fried in April 2019 and launched the following month. Bankman-Fried and other business leaders provided testimony about the regulation of the cryptocurrency sector before the Committee on Financial Services on December 8, 2021. Emergent Fidelity Technologies Ltd., which is mainly controlled by Bankman-Fried, was revealed to have purchased 7.6% of Robinhood Markets stock on May 12, 2022.
Prior to being detained, Bankman-Fried claimed in an affidavit submitted to the Eastern Caribbean Supreme Court in November 2022 that he and FTX co-founder Gary Wang had jointly borrowed $546 million from Alameda Research for a cryptocurrency derivatives exchange called FTX was developed by Bankman-Fried in April 2019 and launched the following month.
Bankman-Fried and other business leaders provided testimony about the regulation of the cryptocurrency sector before the Committee on Financial Services on December 8, 2021. Emergent Fidelity Technologies Ltd., which is mainly controlled by Bankman-Fried, was revealed to have purchased 7.6% of Robinhood Markets stock on May 12, 2022.
It was revealed in September 2022 that Bankman-Fried’s advisors had proposed on his behalf to assist in financing Elon Musk’s acquisition of Twitter. Investment banker Michael Grimes reportedly stated that Bankman-Fried would be willing to pay up to $5 billion on April 25, 2022, according to texts made public as part of the litigation between Twitter and Musk during the latter’s takeover of Twitter.
More than $500 million was invested in venture capital businesses by Bankman-Fried, including $200 million in Sequoia Capital. Sequoia issued a “glowing” profile of Bankman-Fried, which it later took down once it became clear that FTX was experiencing a financial difficulty.
A notable recognition Sam Bankman-Fried acheived: In 2021, he was named in the famous Forbes 30 Under 30 list in North America – Finance category.
Sam Bankman-Fried’s Charitable Donations
Bankman-Fried said that he was seeking earning to give as a profession and that he openly advocated effective altruism. He indicated that he intended to give the vast majority of his fortune to successful charity throughout the course of his life and is a member of Giving What We Can.
For this reason, he established the FTX Future Fund, which also featured William MacAskill, one of the pioneers of the effective altruism movement. All members of the crew left after FTX’s failure. By September 1, 2022, Future Fund would have contributed $160 million in philanthropic gifts and investments.
Apart from a number of donations and contribution to political parties and non-profit organisations, Sam Bankman-Fried and his younger brother, Gabe, made significant contributions to pandemic prevention initiatives. Gabe founded the Guarding Against Pandemics PAC as one such funding mechanism, according to a Washington Post investigation.
FTX donated $18 million to help the globalisation of the TOGETHER Trial, which was announced on the same day court case investigators received the Society for Clinical Trials’ Trial of the Year Award for their work on COVID-19 treatments.
Sam Bankman-Fried’s Net-worth
Bankman-Fried was named the 41st richest American in the Forbes 400 and the 60th richest person in the world by The World’s Billionaires prior to FTX’s demise. His net worth reached a high of $26 billion at one point. He had a net worth of $10.5 billion in October 2022.
According to the Bloomberg Billionaires Index, his net worth had plunged 94 percent in a day to $991.5 million on November 8, 2022, during FTX’s bankruptcy, the greatest one-day decrease in the index’s history. The Bloomberg Billionaires Index determined Bankman-Fried had no substantial wealth on November 11, 2022.
Bankman-Fried was a prominent supporter to Democratic political campaigns until his fortune vanished in November 2022, and he expected to spend tens of millions of dollars in the 2024 U.S. presidential election.
I hope you have liked this blog about Sam Bankman-Fried. Please drop in your valuable comments & share the blog to encourage the writer.
Mr. Bearing Coin
You may also like: Sam Bankman-Fried’s donations Sought by FTX. How Good?
#SamBankmanFried #SamBankmanFriedNetWorth #SamBankmanFriedDonations #SamBankmanFriedForbes #SamBankmanFriedGirlfriend #SamBankmanFriedCareer #SamBankmanFriedEducation #SamBankmanFriedEarlyLife #ftx #SamBankmanFriedBiography #Crypto #CryptoNews #MrBearingCoin #Blog #CryptoBlog #MrBearing #MrbearingCoinBlog
The post It’s Hot! 🔥 Sam Bankman-Fried’s Net-Worth, Early Life, Education, Career and Girlfriend appeared first on Mr. Bearing Coin.
