Former crypto tycoon Sam Bankman-Fried was found guilty November 2, 2023 by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy. The panel reached its decision after five weeks of trial, and Bankman-Fried now faces up to 110 years behind bars.
"The crypto currency industry might be new, players like SBF might be new, but this kind of fraud, this kind of corruption is as old as time and we have no patience for it.""Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him," he added. Some of his closest associates testified during the trial that he was key to all the decisions that saw US$8bil vanish from his FTX trading platform.In closing arguments, prosecutors portrayed the defendant as an extremely smart man consumed by greed who knew what he was doing when FTX funds were secretly funnelled to Alameda.
She told the jury they had stolen"around US$14bil" from FTX clients and that Bankman-Fried, as owner of Alameda,"directed me to commit those crimes." According to prosecutors, just over US$8bil belonging to customers had vanished into bad investments at Alameda at the time of FTX's collapse.Bankman-Fried admitted during his trial he had made"mistakes" but denied that he had ever tried to defraud anyone.
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