Former cryptocurrency kingpin Sam Bankman-Fried has been found guilty of fraud. A New York jury delivered the verdict on November 2nd, concluding a trial that has seen Bankman-Fried defend himself against claims that he criminally mismanaged his crypto exchange FTX and trading firm Alameda Research.
After more than a month in trial, the jury took less than four hours to decide Bankman-Fried’s fate, declaring him guilty on all seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. He will be sentenced by Judge Lewis Kaplan in a future hearing and faces decades in prison.
Bankman-Fried started FTX in 2019, and its valuation rose stratospherically during a post-pandemic crypto boom….
Source: The Verge
Author: Adi Robertson