Sam Bankman-Fried’s story is a rollercoaster journey of a crypto marketing savvy. He was entrepreneur who founded the FTX crypto exchange and gained widespread admiration before falling from grace.
Tim Haldorsson is the CEO of crypto growth agency Lunar Strategy.
How did someone who had won the hearts of the masses and the mindshare of major institutions end up on a bullet train to prison for committing fraud? His fall from the dizzying heights as CEO of a $32 billion crypto exchange to the sobering depths of multiple criminal convictions is one for the ages.
The rise of Sam Bankman-Fried
Bankman-Fried’s career trajectory was nothing short of parabolic. A few years into founding what would become one of the largest crypto exchanges, he pulled off an impressive $1.8 billion fundraising feat from top investors.
Two years after founding FTX (with Gary Wang), it had become one of a few crypto “unicorns,” valued at $18 billion. By the time of FTX’s now infamous Super Bowl ad, the exchange boasted over one million users and its valuation had nearly doubled to $32 billion.
At its peak, FTX saw $21 billion in average daily trading volumes, ranking among the world’s top three crypto exchanges. Bankman-Fried continued to expand operations aggressively and seek out the spotlight; he tapped a bevy of new investors when raising the $420 million “meme round” in Series-C funding. There was no doubt about it: within a few short years, his company had become a titan of the crypto industry.
You’re probably wondering by now: “How did he manage to achieve such success so quickly?” The short answer lies in his marketing strategies. Sam Bankman-Fried didn’t just follow the industry playbook; he rewrote it.
Billion-dollar marketing actics
FTX’s path to crypto superstardom was marked by a series of calculated moves orchestrated via a multi-faceted marketing approach devised by none other than Bankman-Fried himself.
By branding himself as the “most generous billionaire” in the world, Bankman-Fried weaponized altruism as a subversive mass-marketing tool.
He leveraged influencer marketing, signing high-profile deals with celebrities such as Tom Brady, Gisele Bündchen and Stephen Curry as brand ambassadors — going as far as offering some of them equity stakes in the company. He utilized strategic…
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