"Crypto King" Sam Bankman-Fried convicted of $eight billion FTX fraud, faces up to one hundred ten years in jail

What simply happened? FTX founder and self-styled 'crypto king' Sam Bankman-Fried has been located guilty on seven counts of crook fraud and cash laundering over the disintegrate of the once-popular cryptocurrency trade. Bankman-Fried is scheduled to be sentenced on March 28, 2024, and will face up to 110 years in federal jail if he gets the maximum sentence. He is slated to stand a second trial on 5 additional expenses next year. Before the crypto change went bankrupt, he become one of the richest men within the international with a net worth of over $15 billion.

Bankman-Fried turned into convicted on charges of securities fraud, twine fraud and cash laundering, as well as conspiracy to devote wire fraud and securities fraud. The trial started closing month, with Bankman-Fried pleading 'not responsible' to all the costs. However, a 12-member jury in a Manhattan federal court docket found him responsible on all counts of stealing $8 billion from cryptocurrency buyers. The jury deliberated for handiest four.Five hours earlier than returning their verdict.

Talking to newshounds after the verdict, US attorney Damian Williams commended the jury for its decision and stated that his branch might no longer tolerate any form of fraud. Describing Bankman-Fried as one among the most important financial fraudsters in American history, Williams stated that the case become approximately "lying, dishonest and stealing, and we haven't any patience for it."

In a assertion released after the verdict, US Attorney General Merrick Garland stated that the case another time demonstrates the Justice Department's dedication to conserving accountable all criminals, including individuals that "conceal their crimes in the back of a glittery new component they claim nobody else is smart sufficient to recognize."

Bankman-Fried's lawyer Mark Cohen said that his team respects the choice, however is "very disenchanted with the end result." He also claimed that Bankman-Fried acted in properly faith and will "retain to vigorously fight the expenses against him."

Bankman-Fried changed into arrested within the Bahamas ultimate year after prosecutors filed expenses in opposition to him for defrauding buyers in FTX via siphoning cash from the crypto alternate to his hedge fund, Alameda Research. The prosecutors additionally cited that Bankman-Fried again and again lied about the fate of the laundered money by assuring investors via social media and television ads that their investments were safe.

Testifying in his personal defense, Bankman-Fried admitted that he made errors jogging FTX, however maintained his innocence at some stage in the direction of the trial. He denied stealing investor price range and claimed that he actually believed Alameda's borrowing from FTX become legal. He also stated that by the time he realized some thing changed into amiss, it turned into already too past due and the businesses were at the verge of disintegrate.