Fishy Business? A Profile of Sam Bankman-Fried

I’m not entirely sure why, but the Icarus myth seems to be the motif of the moment. Like Yevgeni Proghozin, we’ve witnessed many a wealthy, superhero/villainesque high flyer taking a plummet in the personal invincibility and popularity stakes, a trend possibly hailed by an I Ching divination I did near the solstice.

Sam Bankman-Fried also appears to fit into this category, albeit as the beta version of the original ‘Apex Alpha’ – his quirkier, goofier Gen Z cousin, you might say… Former crypto boy genius and poster child for the effective altruism movement, Sam’s spectacular rise and fall can be interpreted as another sign that the days of ‘move fast and break things,’ of dressed-down tech bros promising Utopia while delivering yet another venture-capital driven vapourware vehicle or clone of Spy Inc, are (finally!) on the way out.

Shift in the Zeitgeist

In keeping with Saturn’s sobering ingress into dreamy Pisces (the sign of SBF’s sun), we seem to have segued into a more sober, less bullshit-prone era. Unlike the mania of the Jupiter-driven bull market bubble that followed 2020’s COVID-induced central bank money printing spree, late 2022 and most of 2023 have been characterised by growth-killing inflation, rising rates, failing local councils and cashflow crises at banks, not to mention mass layoffs in the tech sector. All of which have taken place against the astrological backdrop of the Saturn-Uranus squares of 2021, Saturn’s ingress into Pisces and Pluto’s ingress into Aquarius in early 2023.

This has, understandably, brought with it a more sceptical, risk-averse attitude towards the dishevelled and irreverent nonchalance of any SBF wannabe proselytizing about their unorthodox approaches to creating wealth or how they’ll change the world whilst playing video games (and taking drugs).

Gone are the overnight success stories of myopic founders with adolescent trappings who sleep on beanbags. They’ve been replaced by a desire for “adults in the room,” hence the business attire returning to business meetings. Free-wheeling tech influencers are waning. The hottest phrase in California is ‘due diligence’.

Politico

Saturn: Time to Grow Up

No wonder then, that more experienced and phlegmatic voices in the crypto space like Michael Saylor, have compared the collapse of FTX to the equivalent collapse of Lehman Brothers bank in 2008. Although painful, his view is that these were just signs that the industry needed to mature. Another Saturnian trait. Perhaps its no coincidence then that Saturn has been touring the 7th and 8th houses of the Bitcoin chart during this two to three-year period where it’s been forcing these very issues – something I’ve been talking about on a fairly regular basis since my first blog post on crypto.

For more wisened investors taking the long view, the downfall of FTX and other over-leveraged crypto companies like Blockfi was just a necessary step in the innovation adoption cycle – the ‘sobering up’ phase following the initial euphoric ‘anything goes’ period, during which gamblers and blaggers with their get-rich-quick-schemes and too-good-to-be true investment prospectuses either go bust or are arrested. This is usually when regulators tend to step in Saturn-style and introduce consumer protection regulation and introduce trading licences and vetting procedures.

“The crypto meltdown was painful in the short term, but it’s necessary over the long term for the industry to grow up.”

Michael Saylor

Rather than bring things to a grinding halt though, this phase often has the upside of granting the industry more legitimacy by introducing mechanisms that increase trust and reduce risk, thus paving the way for wider institutional adoption. It’s no coincidence that in April 2023, following a period of consultation with UK financial authorities, the London Stock Exchange announced its intention to create a digital asset unit with the intention of making crypto-linked stocks and derivatives available for trading, saying the industry had reached an ‘inflection point.’

SBF does not represent the entire crypto industry

Indeed, well-respected OGs like Microstrategy and others still believe that blockchain and cryptocurrency are inherently sound, innovative technologies – it’s just that their implementation needs work and, in some cases, more guardrails need to be added to ensure that these assets are not sold or traded in an irresponsible fashion.

Crypto has a lot of entrepreneurs who implement good ideas in an irresponsible fashion. What it needs is “adult supervision”.

Michael Saylor

Clearly, then, the general consensus amongst serious investors is that one or two bad actors shouldn’t taint an entire industry. In other words, ‘crypto’ is not just a passing fad and like Bernie Madoff or Jordan Belfort, SBF does not represent the entire industry.

Just desserts?

With SBF currently in jail awaiting trial in October (an event many within the crypto community are anticipating with a certain degree of schadenfreude) plus a correct birth time for him now publicly available, I thought it was a good moment to post my analysis of his natal chart. Hopefully, it can shed some light on his motivations for nearly crashing the entire crypto market back in 2022.

Quick Disclaimer: Before I start, I should state for the record that one of the reasons why I waited this long to do an analysis of SBF’s chart was because I did not know his exact birth time – this only became available recently, when someone put up his birth certificate on Astrodatabank. Also, to be clear: I have never had any business or inter-personal dealings with FTX, Alameda Research or SBF, so all of the content in this article is purely based on what I’ve read and my personal astrological judgements of his chart. All views are my own.

Sam Bankman-Fried Natal Chart

A quick introduction from Astrodatabank for those who are unfamiliar with him:

American entrepreneur, investor, and alleged fraudster, also known by the initialism SBF. On 3 January 2023, Bankman-Fried pled ‘Not Guilty’ to fraud and other charges. Bankman-Fried was the founder and CEO of the cryptocurrency exchange FTX and associated trading firm Alameda Research, both of which experienced a high-profile collapse resulting in Chapter 11 bankruptcy in late 2022.

Prior to FTX’s collapse, Bankman-Fried was ranked the 41st richest American in the Forbes 400, and the 60th richest person in world by The World’s Billionaires. His net worth peaked at $26 billion. By 11 November 2022, amid the bankruptcy of FTX, the Bloomberg Billionaires Index considered his net worth to have been reduced to zero.

Astrodatabank profile

Key Summary

Here’s a quick summary of some key points for those who are in a hurry (I will get into some of these in more depth afterwards):

• A Sun sign Pisces with Taurus rising, and secretive Pluto in Scorpio in the 6th house of work. In retrospect, Pluto’s placement here fits rather well, given what we now know about his shady wheelings and dealings, disappearing work DMs, ephemeral accounting practices and messy personal relationships with employees/work colleagues.
• He also has the Part of Fortune in his first house, which is often a sign of either good health or wealth. A trine to his natal Venus in the 10th, his chart ruler, certainly suggests a charmed life, along with a nice dollop of fame and status, albeit with a virtue signalling twist (Venus is in Aquarius).
• His natal Uranus-Neptune conjunction (idealistic and altruistic) is lcoated in the house of spiritual beliefs and personal philosophies, which helps to explain his philanthropic motivations (Uranus rules his Aquarius Midheaven = idealistic) and why he was drawn to a movement like Effective Altruism. In other words, his intentions at the beginning were genuine. The weighting of his planets in the upper left (south-eastern) quadrant of his chart further suggest someone who strives to make their mark on the world, which is a good thing, provided ‘you become too caught up in an ideal’.
• The squares between the Moon and this Uranus-Neptune conjunction are probably the key to understanding the anxiety and depression that Bankman has said he suffers from. Negative Moon-Uranus aspects often manifest in people who are emotionally volatile, highly strung and prone to anxiety, while difficult Moon-Neptune contacts can point to both depression and addictions, especially to mood-enhancing substances and/or recreational drugs. It can also make people prone to denial and emotional escapism.
• His natal Moon is in Aries, which I associate with people who are emotionally excitable go-getters, but who also tend to be very impetuous and have poor impulse control. Coupled with Mercury in the 11th house of groups and society, we get the sense of someone keen to make a difference in social or group settings, but who tends to make spur-of-the-moment decisions, and doesn’t always think before they speak. If emotionally triggered, they may also be a bit of indiscrete, which seldom works in their favour – hence the compulsive tweeting and newsletter writing we’ve seen since FTX filed for chapter 11 bankruptcy back in November 2022.
• These Mars-ruled impulsive tendencies are further amplified by the fact that SBF was born during a new moon, which Dane Rudyar associates with people who are a bit ‘green’ – impulsive and keen to express new ideas but often in too much of a rush to plan, strategise or think things through. This is someone who reacts subjectively to things, and likes to start new projects but isn’t a good manager/finisher.
• Gambling and risk-taking is further emphasised by Jupiter in the 5th house of speculation. Unfortunately, as many crypto investors discovered to their dismay, the FTX casino tended to be bankrolled with customer funds – something indicated by Jupiter’s rulership of the 8th house (other people’s money). Clearly, a case of monopoly money syndrome going on, which was no doubt exacerbated by creating his own fantasy currency, FTT.
• Also notable is a tight conjunction between the malefics, Mars and Saturn in Aquarius, in his 10th house of career and status. Despite wanting to do the right thing and raise money for philanthropic reasons (Saturn rules his 9th house cusp), his impetuous Martian side couldn’t be bothered with things like rules, propriety or due diligence, and this is what proved to be his undoing (Mars rules his Moon-Mercury conjunction, as well as the 12th house cusp, which can be about downfalls and self-sabotage). According to the Washington Post, Sam himself admits that the FTX collapse was the result of his bad judgement: what he later described as ‘a series of accounting errors caused by poor risk management.’
• Despite having a water Sun and earth sign rising, the masculine elements of fire and air predominate in his chart, both of which tend to be more volatile and action-oriented than stable or patient. This is a risk-taker who made errors in haste and will now have to repent at leisure methinks…

OK, so for those who like to nerd out on the details, let’s get into some of his most telling and relevant his natal placements in a bit more depth.

Well-intentioned, if deluded: Uranus-Neptune in 9th

Let’s start off on a positive note: SBF also has four placements in Aquarius, which is associated with altruism, friendliness, innovation and egalitarianism. This is definitely someone progressive who will be drawn to careers that allow him to pursue lofty goals and humanitarian ideals; and usually enjoys group collaborations or working with close friends, all of which we know to be true.

His natal Pisces Sun in the 11th house adds weight to the argument that he started off with good intentions. This bestow a dreamy, philosophical outlook and a desire to be of service to society – someone who genuinely wants to make a difference.

Uranus, ruler of Aquarius, also happens to be conjunct Neptune in SBF’s 9th house, suggesting someone brilliant and idealistic, and who, like many tech entrepreneurs, spoke in Utopian terms about saving the world via his business model (Uranus also rules his Aquarius MC). I also attribute this Uranus-Neptune combination to his eccentric and disarming Gen Z ‘unicorns and rainbows’ persona.

And indeed, during FTX’s heyday, he is alleged to have donated quite a lot of money to various charities and advocacy groups, including $2.25 million to Women Vote!; $1.1 million to the LGBTQ Victory Fund, and $2.5 million to an ethics watchdog NFP called the Campaign Legal Center.

But…

His natal Uranus-Neptune conjunction is afflicted by a square to his Moon, which could lead to anxiety and depression, dubious behaviour and moral murkiness. As it turns out, he also donated a large amount of funds via ‘straw men’ to both of Amercia’s two main political parties, no doubt in a bid to buy influence. Not so good… This is trying to hedge your bets and manipulate the rules in your favour, rather than backing your principles or collaborating with lawmakers to create fair legislation.

However, a Moon-Neptune square can also induce a lot of guilt, which might help to explain his constant need to apologise and explain himself publicly in the wake of FTX’s collapse, despite it not really being in his best interests to do so.

But let’s be real: Uranus is the rebellious teenager that hates rules and likes to disrupt the status quo. Mixed with the escapism of Neptune (with its tendency towards poor boundaries and addiction) , and we begin to understand SBF’s highly strung, easily bored and erratic behaviour e.g. playing video games whilst on business calls or press interviews, his abuse of various substances to as well as his refusal to follow proper accounting procedures.

Mars & Jupiter: Proclivity for Risk-Taking

Given the huge and highly leveraged trades that SBF is said to have been making towards the end of 2022, it would seem as though he had a high threshold for risk – something I put down to both his natal Mars placements and the position of Jupiter in his 5th house of speculation.

Add to that the impatient, ‘let’s go’ energy of his Aries Moon-Mercury conjunction and Mars in the 10th house, and we get a picture of someone who is very ambitious with a strong emotional need for action and independence – in other words, your typical tech entrepreneur. This is also someone who can talk a good game, but who may have a propensity to veer into ‘make believe’ territory or be a little fuzzy around details.

Jupiter in the 5th is generally considered to be a lucky placement, which is probably why, like most gamblers, he seemed to have beginner’s luck: he took big gambles and initially, they all seemed to pay off. This placement, together with his first house Part of Fortune trine Venus, the billionaire planet, is probably what helped to make him so wealthy.

But, in the end, he didn’t know when to stop. Mars is probably the biggest reason for this – it definitely heightens people’s appetite for risk and makes them want to ‘move fast and break things’. Mars people are always in a hurry and tend to be blind what’s at stake in their haste to make things happen. There’s no looking before they leap.

Over-confidence, driven by Jupiter, can often be a contributing factor. In SBF’s case, Jupiter is not particularly strong – it is in Virgo, a usually modest and circumspect sign, and is retrograde. What is perhaps more notable is that both Jupiter and SBF’s natal Moon-Mercury conjunction make hard aspects to his nodal axis, suggesting that Fate may have played a hand in what happened.

And in the case of the FTX collapse, this certainly seems to have been true. According to Investopedia, a cascade of external events are what lead to FTX’s liquidity crisis: a change in market conditions due to higher interest rates that created a cash crunch, followed by a report by CoinDesk highlighting potential leverage and solvency concerns at FTX-affiliated trading firm Alameda Research, which raised some red flags amongst the crypto community and FTX customers/investors. This concern turned to panic when Changpeng Zhao, the head of Binance, who initially offered to bail FTX out, liquidated all its FTT tokens after a risk management assessment, leading to what was essentially a bank run as spooked investors then rushed to withdraw their funds.

Naturally, much of this could not have been foreseen by Sam. However, if he had been doing his due diligence, he would have planned for such an eventuality, and kept customer funds ringfenced and separate from FTX operating costs/trading accounts, as many banks were forced to do post the 2008 crash. Here, messy boundaries and fuzzy thinking exacerbated by Neptune may well have been a factor in SBF’s admitted poor risk management and accounting practices.

However, poor judgement and napkin-style accounting practices aside, we need to consider intent. Ultimately most fraud trials come down to whether there is evidence of a deliberate intent to defraud, and for clues to this, we need to turn to SBF’s natal Pluto.

Pluto: A duplicitous, controlling side?

According to SEC Chair Gary Gensler,

Bankman-Fried built a “house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”

Washington Post

And let’s be honest, when FTX collapsed, many in the crypto world were taken by surprise, particularly by the speed at which SBF’s entire operation imploded. Clearly, SBF had managed to fool a lot of people for a long time. How? And had he, as the SEC alleges, deliberately chosen at some point to fleece his customers?

Now, when we are looking for deception in a chart, we usually look for an afflicted Mercury, Neptune or Pluto. In SBF’s case, the culprit seems to be Pluto in Scorpio, located in his 6th house of work, close to the cusp of the 7th house (which it also happens to rule), suggesting someone who may be compulsive or controlling at work and with colleagues, and who may also have a strong desire to influence or manipulate others.

In this respect, I thought it fascinating that he sought to get in on the Twitter deal – this fits with someone wanting to have a seat at the top table and a hand in skewing the public debate in his favour. (It I also think his huge cross-political donations and desire to influence policy in Washington went beyond a healthy interest in lobbying for his industry and into corruption territory.

Pluto in Scorpio is obsessive, likes to be in control, and can also be pretty persuasive and charismatic. This becomes even more pronounced when we consider that his natal Sun is trine to Pluto from the 11th house – this demonstrates an appetite for power and a desire to be control how others see him.

I think this placement helps to explain why SBF was:

1. Able to convince so many investors to go all-in on FTX, and essentially become a plutocrat in a very short space of time (at one point, FTX was said to be worth $32 billion – not bad for a 30 year old).
2. Why he became so well-known and influential in crypto circles (and let’s face it, during the bull market, he appeared to be able to do no wrong – even the likes of Kevin O’Leary and ostensibly, Gary Gensler, were pretty pally with him.)

And no doubt, thanks to Pluto’s powers of persuasion, he was probably pretty convincing. Taurus is a very stable sign and usually good with money. Mercury in Aries is enthusiastic and Mars in the 10th is very success-driven. Plus he had the whole ‘boy genius’ thing going for him, care of Uranus, which does often bestow scientific or technical brilliance. Saturn in the 10th would also have added a certain gravitas, and the appearance of someone stable and sensible.

However, Pluto is also square to SBF’s natal Venus in the 10th, which also happens to be his chart ruler, so has above-average weighting in the chart. This, I think, is where the rot may have crept in. Not only can this begative aspect create a love of power, wealth and luxury that can tip into excess and depravity (one can’t ignore all the rumours here), but it can also be secretive and dishonest. And when in a corner, is happy to resort to dirty tricks and intimidation, which is what appears to have got his bail revoked in the end.

Given all of this, I would be inclined to think that the intent to defraud is a distinct probability, especially if he found himself backed into a corner as a result of changing market conditions, or simply because he grew too over-confident due to early Jupiter-induced wins and then took one risk too many c/o Mars-Aries.

Pluto the Hacker?

There is also the whole question of who hacked FTX and stole approx. $500 million in frozen customer funds in the days following its collapse. The blockchain security firm, Beosin, managed to trace many of the transactions to a particular wallet address, so I guess only time will tell. However, CoinTelegraph did have this to say:

The exploits occurred on both FTX and FTX.US, leading many to speculate that it could have been an inside job. Director of security operations at analytics firm Certik, Hugh Brooks, alluded to on-chain evidence suggesting such. He told Cointelegraph on Nov. 15 that unless there was a private key compromise, an insider with access to these wallets moving the funds cannot be ruled out.

CoinTelegraph

Given SBF’s Pluto aspects, this certainly wouldn’t be out of character. This is the planet most associated with mobsters, vice and shady dealings.

Conclusion

Based on SBF’s chart, I would say in conclusion that he seems like an enthusiastic, talented entrepreneur who genuinely wanted to make a difference via his business enterprises, but may have been too inexperienced and impatient to execute well.

Add to that a weakness for gambling and the good life, a distate for rules, poor boundaries and a very disorganised, slapdash approach to procedures and details may well have created an unhealthy combination that led to conflicts of interest and poor management/trading decisions, exacerbated by denial and a lack of accountability when things went wrong. Mars and Aries placements here point to immaturity, haste and inexperience as a big factor in the cavalier way he operated his business.

His Neptune placements do suggest someone with lofty intentions but who just couldn’t get his act together when it came to managing the day-to-day details and who now feels enormously guilty for what he has done. Hence his repeated and profuse apologies and over-compensation when things went south, which I do think are more than just disingeniousness.

But ultimately, I think it may have been Sam’s secretiveness and liking for power, together with a tendency to try and manipulate the truth, resort to sneakiness and dirty tactics when he got into trouble that may well prove to be his undoing. And as for the hack, I know who my money is on..