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10 - PEOPLE/(A-G)/Sam Bankman-Fried.md
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@ -26,7 +26,7 @@ The Future Fund launched in February 2022, run by [[Nick Beckstead]], [[Leopold
### The Collapse and Conviction
FTX collapsed in November 2022 when it could not meet customer withdrawals, revealing that roughly eight billion dollars in customer deposits had been diverted to Alameda Research. Bankman-Fried was arrested, extradited, and tried in the Southern District of New York, where a jury convicted him on November 2, 2023; he was sentenced in March 2024 to twenty-five years in prison. The fraud destroyed the effective-altruism movement's largest funding source and discredited its public standing, accelerating the distancing from the label by figures including Anthropic's [[Dario Amodei]] and contributing to the climate in which the Future of Humanity Institute was closed.[^1][^4]
FTX collapsed in November 2022 when it could not meet customer withdrawals, revealing that roughly eight billion dollars in customer deposits had been diverted to Alameda Research. Bankman-Fried was arrested, extradited, and tried in the [[U.S. Attorney's Office for the Southern District of New York|Southern District of New York]], where a jury convicted him on November 2, 2023; he was sentenced in March 2024 to twenty-five years in prison. The fraud destroyed the effective-altruism movement's largest funding source and discredited its public standing, accelerating the distancing from the label by figures including Anthropic's [[Dario Amodei]] and contributing to the climate in which the Future of Humanity Institute was closed.[^1][^4]
Judge Lewis Kaplan handed down the sentence on March 28, 2024 and ordered forfeiture of 11.02 billion dollars; prosecutors had sought 40 to 50 years against a statutory maximum of 110, while the defense had argued for about six and a half. Several of his closest associates pleaded guilty and testified against him, including Alameda chief [[Caroline Ellison]], FTX cofounder [[Gary Wang]], and engineering head [[Nishad Singh]]. The bankruptcy estate, led by restructuring executive [[John J. Ray III]], recovered enough through asset sales (including the Anthropic stake and a rebound in crypto prices) to plan repayment of creditors at full claim value plus interest, while pursuing clawbacks against grant recipients; the effective-altruism umbrella body [[Effective Ventures]] returned 26,786,503 dollars to the estate in 2024, the full sum it had received from FTX.[^7][^8]