Sam Bankman-Fried, the 31-year-old founder of bankrupt cryptocurrency exchange FTX, has been found guilty of fraud and money laundering.
The verdict, handed down after just four hours of deliberations by a jury in New York, marks a dramatic fall for a man who was once hailed as the “King of Crypto” and whose personal fortune was calculated in billions
Bankman-Fried now faces decades in prison after being convicted on eight counts, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, money laundering and conspiracy to commit securities fraud.
Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from FTX to fund her lavish lifestyle and risky business ventures.
The scandal has sent shockwaves through the cryptocurrency industry and raised questions about the future of digital assets.
In a statement, U.S. Attorney Damian Williams called the verdict “a victory for justice” and said Bankman-Fried had “perpetrated one of the largest financial frauds in American history.”
Bankman-Fried’s attorney, Mark Cohen, said his client was disappointed with the verdict but would continue to fight the charges.
The case has also raised questions about the regulation of the cryptocurrency industry, with some experts arguing that a lack of oversight allowed Bankman-Fried to commit his crimes.
As the industry continues to grapple with the fallout from the FTX collapse, the Bankman-Fried verdict serves as a stark reminder of the risks associated with cryptocurrency investments.
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