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Opinions expressed by Entrepreneur contributors are their own. "Let's say there's a game: 51%, you double the earth out somewhere else; 49%, it all disappears. Would you play that game? And would you keep on playing that, double or nothing?" Tyler Cowen asked Sam Bankman-Fried, the now-disgraced founder of the bankrupt cryptocurrency exchange FTX, in his podcast back in March 2022 . The vast majority of us would not take the risk of playing that game even once. After all, it seems morally atrocious to take a 49% chance on human civilization disappearing for a 51% chance of doubling the value of our civilization. It's essentially a coin flip. But Sam Bankman-Fried isn't like the majority of people. He responded to this question by telling the podcast host that he is quite willing to play that game — and keep playing it, over and over again. Cowen asked Bankman-Fried about the high likelihood of destroying everything by going double of no...

The crypto emperor may have had no clothes, but he reportedly had fancy dinners. Bloomberg I Getty Images Sam Bankman-Fried. Disgraced crypto exchange FTX, run by previous crypto "white knight" Sam Bankman-Fried, filed for bankruptcy earlier this month amid concerns about a bank run on the platform and billion-dollar holes in its balance sheet. He was ousted from the company after the bankruptcy filing despite continuing to try and raise money to make it an alternative offer in the legal process. Either way, according to reports from Fox Business and New York Magazine , Bankman-Fried and staff were living a high-flying lifestyle in the Bahamas — including buying yachts and spending thousands on daily lunches — and not so much worried about cash flow, apparently. FTX is based in the Bahamas (but reportedly never started building its supposed-$60-million headquarters in the...

Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, said on Monday he would testify remotely at Tuesday’s U.S. House Finanical Services Committee hearing to examine the collapse of the company. In a Twitter Spaces event held on Monday with Twitter account Unusual Whales, Bankman-Fried said he would be “calling in” to the hearing. A spokesperson for Bankman-Fried confirmed that he would not be testifying at the hearing in person. FTX CEO John Ray will also appear before the committee, although it is not yet clear if he will testify virtually or in person. https://www.tausiinsider.com/ftx-founder-sam-bankman-fried-says-he-will-testify-remotely-at-upcoming-congressional-hearing/?feed_id=329076&_unique_id=642b6d677e4f8

Opinions expressed by Entrepreneur contributors are their own. On Monday, Sam Bankman-Fried (SBF), the founder of the failed FTX cryptocurrency exchange, was arrested in the Bahamas. The Bahamian government said in a press release that SBF's arrest "followed receipt of formal notification from the United States that it has filed criminal charges" against Bankman-Fried and will most likely seek to extradite him back to the States. Bloomberg | Getty Images SBF has been under investigation by the Justice Department in connection with the collapse and November bankruptcy of FTX, his cryptocurrency company once worth $32 billion. The New York Times reports that prosecutors from the Southern District of New York confirmed the charges. Prosecutors went on to say we can expect an indictment to be made public Tuesday. According to the NYT's sources, SBF faces a laundry list of c...

U.S. prosecutors on Tuesday accused Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, of fraud and violating campaign finance laws by misappropriating his customers' funds, saying the investigation is ongoing and "moving very quickly." Zachary Goelman produced this report. Reuters https://www.tausiinsider.com/video-u-s-charges-ftx-founder-with-massive-fraud/?feed_id=328676&_unique_id=642737722ab78

A Bahamian judge denied FTX founder Sam Bankman-Fried bail, after U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars in what has been described as one of America's biggest financial frauds. https://www.tausiinsider.com/denied-bail-ftx-founder-held-in-bahamas-jail/?feed_id=328372&_unique_id=64245bb4befed

Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, is escorted out of the Magistrate Court building in Nassau, Bahamas, Dec. 21, 2022. DANTE CARRER/Reuters Crypto exchange FTX invented a currency, repeatedly propped up its price, then used the inflated value to orchestrate wide-scale fraud, according to the U.S. Securities and Exchange Commission. In charges laid late Wednesday against Caroline Ellison and Gary Wang, two former top officials in the FTX ecosystem, the SEC painted the clearest picture yet of how exactly FTX co-founder Sam Bankman-Fried orchestrated what the regulator alleges was “a massive, years-long fraud.” The scheme, according to the SEC , involved “diverting billions of dollars of the trading platform’s customer funds for [Mr. Bankman-Fried’s] own personal benefit and to help grow his crypto empire.” FTT, a cryptocurrency that FTX invented, was central to the alleged fraud, according to the SEC. In the crypto world, FTT is known as an e...

U.S. prosecutors on Tuesday accused Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, of fraud and violating campaign finance laws by misappropriating his customers' funds, saying the investigation is ongoing and "moving very quickly." Zachary Goelman produced this report. Reuters https://news.winestle.com/video-u-s-charges-ftx-founder-with-massive-fraud/?feed_id=328977&_unique_id=63b75240b115e