The Loebs honored with the prestigious CoinDesk News Awards

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The Loebs honored with the prestigious CoinDesk News Awards

The awards were established in 1957 to 'encourage and support reporting on business and finance that informed and protect the private investor and the general public,' according to the Anderson School of Management at the University of California, Los Angeles, which oversees them.

The centerpiece story was Allison's explosive Nov. 2, 2022 piece that raised questions about the sturdiness of Alameda Research, Bankman-Fried's large trading firm, and by extension how safe the billionaire's affiliate and better-known crypto exchange FTX was. Other CoinDesk stories honored by the Loebs reveal the unusual living arrangements of Bankman-Fried's inner circle, documenting a massive hack of the company as the company collapsed and giving readers a colorful view inside Bankman-Fried's first court appearance.

Bankman-Fried's firms were in bankruptcy court two days after Allison's initial story came out - a collapse so big and so fast it has little or no precedent. He was arrested and his trial in a Manhattan courtroom begins next week.

Alameda's private balance sheet was detailed from a secret source in Allison's story, which he obtained from a secret source. The article's explosive discovery was that Alameda was on potentially shaky footing because of its deep financial exposure to the FTT token issued by FTX. FTT is the largest employer, accounting for nearly half of Alameda's $14.6 billion of assets.

It was a surprise level of financial entanglement for two supposedly separate companies, and a pretty speculative asset to stash much of a trading firm's assets into. If sentiment around FTX and Bankman-Fried were to tank, the price of FTT could drop, dragging Alameda down with it.

Bankman-Fried was forced to seek a bailout when Binance, a rival crypto exchange, took over the exchange two days later. That proposal fell apart in a day, something another Allison scoop revealed was probably to happen hours before it was made official. Then on Nov. 11, Bankman-Fried's companies were forced to file for bankruptcy protection.

The second Loeb-winning scoop that set the industry abuzz was a story from Tracy Wang that revealed Bankman-Fried and nine co-workers were living together in a luxury Bahamas condominium and at times dated each other while running their companies - including that Bankman-Fried and Alameda CEO Caroline Ellison had once been a couple.

The piece raised concerns about nepotism, secrecy and conflicts of interest, depicting the tone of a scathing report issued shortly after on FTX's extremely lax administrative procedures. In addition to Bankman-Fried and Ellison, the story named senior FTX executive Gary Wang and Nishad Singh, who all pleaded guilty to federal charges related to FTX.

The Loebs honored two other CoinDesk stories. One documents a dramatic hack of FTX hours after its bankruptcy filing, a cyber attack that drained hundreds of millions of dollars. Cheyenne Ligon, Sam Reynolds, Sam Kessler, Nikhilesh De and Reilly Decker's collaborative late night reporting effort allowed CoinDesk to publish an evocative account of what was going on as it was still happening.