Crypto Founder Guilty of $8billion theft says court
Sam Bankman-Fried, the founder of FTX, has been found guilty on all seven counts in his FXT fraud trial. The verdict, delivered by a 12-member jury in Manhattan federal court, solidified the fall from grace of the 31-year-old former billionaire.
He was convicted of looting $8 billion from his cryptocurrency exchange’s users, a significant financial fraud case. This decision came almost a year after FTX’s bankruptcy, which led to the loss of his estimated $26 billion personal fortune. Bankman-Fried, who had pleaded not guilty to two counts of fraud and five counts of conspiracy, stood before the jury as the verdict was announced.
The conviction is seen as a victory for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan. Bankman-Fried’s sentencing is scheduled for March 28, 2024, and he may face a lengthy prison term.
His defense lawyer expressed disappointment but stated that Bankman-Fried maintains his innocence and will continue to fight the charges. Furthermore, Bankman-Fried is set to face a second set of charges in a trial scheduled for next March, including allegations of foreign bribery and bank fraud conspiracies.