Sam Bankman-Fried, the ex-crypto billionaire once celebrated for his philanthropy and savvy investing, is back in the spotlight after OpenAI CEO Sam Altman launched his ambitious Worldcoin project on Monday.

What Happened: Before Bankan-Fried’s legal predicament, which put him on house arrest following allegations of massive fraud involving $8 billion from his FTX trading platform, he was an investor who generously funded nascent cryptocurrency and fintech projects

Worldcoin was one of them — but, let's back up a bit.

Altman launched Worldcoin on Monday with the vision of creating a globally inclusive identity and financial network, intending to blend AI, identity, and finance, but the company was founded in 2019.

The Worldcoin project found considerable backing from an initial $25 million venture capital funding round back in October 2021 that featured prominent investors such as Andreessen Horowitz (a16z), Coinbase Global Inc (NASDAQ:COIN) Ventures, Digital Currency Group and Bankman-Fried, according to Dealroom.

The value proposition of the project back then was that it developed a physical device known as the “Orb” to scan people’s eyes to generate a "World ID," which drew both interest and criticism.

Read Also: OpenAI CEO Sam Altman Launches Worldcoin: A Bold Crypto Experiment At The Intersection Of AI, Identity And Finance

Why It Matters: Bankman-Fried’s involvement with Worldcoin in 2021 was emblematic of his aggressive investment strategy, which saw him "propping up" struggling companies across the crypto industry in 2021 and early 2022.

His 2022 investments included Voyager Digital, BlockFi, a 7.6% stake in Robinhood Markets Inc (NASDAQ:HOOD), and many others.

His current house arrest — he is living in his Palo Alto parents’ home — marks a stark contrast to his past successes. Bankman-Fried’s legal challenges stem from accusations of exploiting customer and investor money for personal gain, charges that could see him spending decades in prison if convicted.

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