Note (10 November 2022): It was announced this week that FTX.com, Sam Bankman-Fried’s exchange, is facing a severe financial crisis. The situation is still unfolding, so this page will probably be incorrect for the near future, as we won’t be able to update it in time. The Forum team will update this page when there is more clarity on what has happened. The team is concerned for FTX’s individual depositors, who are facing the possibility of severe hardship, as well as about the situation as a whole.
Sam Bankman-Fried (born 6 March 1992) is an American trader, entrepreneur, and philanthropist. He was the founder and CEO of FTX cryptocurrency exchange and of Alameda Research, a quantitative trading firm. His wealth peaked at an estimated $26.5 billion[1]. Following the collapse of FTX under suspicious circumstances, Bankman-Fried was arrested in November 2022 and later charged with fraud, conspiracy to money-launder, and other charges. [2]
Before the FTX collapse, Bankman-Fried was a well-regarded member of the effective altruism community. He had publicly supported effective altruism and donated millions to charity, pledging to eventually donate all his wealth to longtermist causes[2]3]. 80,000 Hours and others framed Bankman-Fried as a good example of someone who successfully pursued earning to give as an altruistic strategy[3]4].
Following the FTX collapse, when it came to light that Bankman-Fried had likely committed fraud, the EA community expressed shock and anger at his actions, and central EA figures such as William MacAskill and Rob Wiblin disavowed him.[4]5][5]6]
Bankman-Fried was born and raised in Stanford, California. He and his younger brother Gabe were introduced to moral philosophy at a young age by his parents, both consequentialists and professors at Stanford Law School. The brothers eventually became "take-no-prisoners utilitarians".[6]7]
During his third year as a physics major at the Massachusetts Institute of Technology, Bankman-Fried was exposed to effective altruism at a talk by William MacAskill on the ethics of career choice.[7]8] Back then, he was considering doing direct work for an organization focused on improving farmed animal welfare. However, he was persuaded by the argument that, for someone like him, earning to give was a career with a much higher degree of personal fit. By working in finance, he expected to donate enough money to pay for the salaries of several charity employees, each of whom roughly as impactful as he would himself be in that role. As he reasoned, "I would probably make enough money that the Humane League could hire many people and accomplish much more than it would if I went to work for them and started handing out leaflets."[8]9]
While working at Jane Street, Bankman-Fried gave about half of his salary to charity, primarily to animal causes. In 2020, he donated $5.2 million to a committee supporting Joe Biden, becoming one of the president's top donors. He also contributed to organizations working in global poverty, climate change,...
Note (10 November 2022): It was announced this week that FTX.com, Sam Bankman-Fried’s exchange, is facing asevere financial crisis. The situation is still unfolding, so this page will probably be incorrect for the near future, as we won’t be able to update it in time. The Forum team will update this page when there is more clarity on what has happened. The team is concerned for FTX’s individual depositors, who are facing the possibility of severe hardship, as well as about the situation as a whole.Sam Bankman-Fried (born 6 March 1992) is an American trader, entrepreneur, and philanthropist. He was the founder and CEO of FTX cryptocurrency exchange and of Alameda Research, a quantitative trading firm. His wealth peaked at an estimated $26.5 billion[1]. Following the collapse of FTX under suspicious circumstances, Bankman-Fried was arrested in November 2022 and later charged with fraud, conspiracy to money-launder, and other charges. [2]
Before the FTX collapse, Bankman-Fried was a well-regarded member of the effective altruism community. He had publicly supported effective altruism and donated millions to charity, pledging to eventually donate all his wealth to longtermist causes[
2]3]. 80,000 Hours and others framed Bankman-Fried as a good example of someone who successfully pursued earning to give as an altruistic strategy[3]4].Following the FTX collapse, when it came to light that Bankman-Fried had likely committed fraud, the EA community expressed shock and anger at his actions, and central EA figures such as William MacAskill and Rob Wiblin disavowed him.[
4]5][5]6]Bankman-Fried was born and raised in Stanford, California. He and his younger brother Gabe were introduced to moral philosophy at a young age by his parents, both consequentialists and professors at Stanford Law School. The brothers eventually became "take-no-prisoners utilitarians".[
6]7]During his third year as a physics major at the Massachusetts Institute of Technology, Bankman-Fried was exposed to effective altruism at a talk by William MacAskill on the ethics of career choice.[
7]8] Back then, he was considering doing direct work for an organization focused on improving farmed animal welfare. However, he was persuaded by the argument that, for someone like him, earning to give was a career with a much higher degree of personal fit. By working in finance, he expected to donate enough money to pay for the salaries of several charity employees, each of whom roughly as impactful as he would himself be in that role. As he reasoned, "I would probably make enough money that the Humane League could hire many people and accomplish much more than it would if I went to work for them and started handing out leaflets."[8]9]While working at Jane Street, Bankman-Fried gave about half of his salary to charity, primarily to animal causes. In 2020, he donated $5.2 million to a committee supporting Joe Biden, becoming one of the president's top donors. He also contributed to organizations working in global poverty, climate change,...