Sam Bankman-Fried: ‘King of Crypto’ suffers stunning fall from grace

Once hailed as modern JP Morgan, former mogul is ‘marked by striking contradictions’

Sam Bankman-Fried outside court in New York on 22 December 2022
Bankman-Fried’s wealth peaked at $26 billion in early 2022, when he was ranked 60th richest person in the world
(Image credit: Stephanie Keith/Bloomberg via Getty Images)

Sam Bankman-Fried, the self-styled ‘King of Crypto’, is to plead not guilty to criminal charges relating to cheating investors and looting billions of dollars at his now bankrupt FTX cryptocurrency exchange.

Forbes said “it’s a stunning fall from grace for Bankman-Fried, who had been heralded as a modern J.P. Morgan for swooping in to save troubled crypto firms before his own firm blew up.”

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