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johnd Nov 2, 2023, 9:48 pm EDT

SBF Found Guilty on All Charges in FTX Fraud Case

In a landmark verdict in the world of cryptocurrencies, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been convicted on multiple charges of defrauding investors. The federal court jury in Manhattan found him guilty on all counts after a month-long trial. Prosecutors successfully argued that Bankman-Fried embezzled a staggering $8 billion from FTX customers, leading to the collapse of his cryptocurrency empire. This verdict not only erases his once towering stature in the financial sector but also wipes out his personal fortune, previously valued at $26 billion. The consequences for the MIT graduate could be severe, as the U.S. District Judge has set a sentencing date for March 28, 2024, potentially resulting in a lengthy prison term. Bankman-Fried, who continues to assert his innocence, faces an additional trial on charges of bank fraud and foreign bribery, further tarnishing his once-distinguished legacy in the cryptocurrency industry. During the trial, revelations emerged that he had directed customer funds from FTX to his hedge fund, Alameda Research, while publicly assuring the safety of those funds and making substantial political donations. The prosecution accused him of leveraging customer deposits for personal gain, power, and influence, highlighting his disregard for financial regulations. Testimonies from former executives of Alameda and FTX played a pivotal role in the case, implicating Bankman-Fried as the mastermind behind the fraudulent operations. With a potential sentence of up to 110 years behind bars, SBF now awaits the consequences of one of the most notorious financial collapses of the digital age.

3 minutes