Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
The jury delivered its verdict after just four hours of deliberations.
It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.
It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.
He now faces decades in prison. His sentencing has been set for 28 March 2024.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto,” US attorney Damian Williams said in a statement after the verdict.
“This case has always been about lying, cheating, and stealing, and we have no patience for it,” he added.
Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse. They charged him with seven counts of fraud and money laundering.
He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.
Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.
The jury delivered its verdict after just four hours of deliberations.
He now faces decades in prison. His sentencing has been set for 28 March 2024.
It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.
It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.
He now faces decades in prison. His sentencing has been set for 28 March 2024.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto,” US attorney Damian Williams said in a statement after the verdict.
“This case has always been about lying, cheating, and stealing, and we have no patience for it,” he added.
Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse. They charged him with seven counts of fraud and money laundering.
He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.
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