Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, has been found guilty of seven charges of fraud and conspiracy. The conviction comes after a monthlong trial that revealed the excessive risk-taking and hubris that exists within the crypto industry.
Bankman-Fried gained notoriety last year when FTX collapsed and he was accused of embezzling up to $10 billion from customers to fund political contributions, venture capital investments, and extravagant spending. A jury consisting of nine women and three men deliberated for over four hours before reaching a verdict, finding Bankman-Fried guilty of wire fraud and conspiracy.
The charges carry a maximum sentence of 110 years. Bankman-Fried, who is 31 years old, is expected to appeal the decision. The sentencing is scheduled for March 28.
This verdict marks a remarkable downfall for Bankman-Fried, who, just a year ago, was worth over $20 billion and considered a positive figure within the crypto industry. FTX, at its peak valuation of $32 billion, was one of the largest platforms for trading digital assets like Bitcoin and Ether.
This is a developing story. Check back for updates.
