- This week, SBF was found guilty in a stunning trial verdict.
- The former billionaire faces decades in jail for fraud and money laundering.
Sam Bankman-Fried, once celebrated as the “King of Crypto”, was found guilty of fraud and money laundering following a month-long trial in New York. This verdict marked a stunning fall from grace for the 31-year-old former billionaire and former CEO of FTX, one of the world’s largest cryptocurrency exchanges.
BBC reported that the trial concluded with the jury delivering a guilty verdict in under five hours. Bankman-Fried, who had previously been associated with the $32 billion cryptocurrency exchange, FTX, now faces the possibility of decades in jail. His sentencing is scheduled for March 28 next year.
US attorney Damian Williams characterized his actions as “one of the biggest financial frauds in American history,” designed to establish him as the king of the crypto industry. The charges included lying to investors and lenders and misappropriating billions of dollars from FTX, which contributed to its eventual collapse.
Potential Decades in Jail
The guilty verdict carries a significant potential prison sentence, with five of the charges holding a maximum term of 20 years and the remaining two a five-year maximum. While it is unlikely that the judge will impose the full 110-year sentence, Bankman-Fried is expected to face a substantial term behind bars.
Bankman-Fried was convicted on all seven charges, including wire fraud on FTX’s customers, conspiracy to commit securities fraud, and money laundering, the Financial Times reported. US attorney Damian Williams emphasized that the verdict should serve as a warning to those who believe they can evade the consequences of their actions.
In contrast, Bankman-Fried’s lawyer, Mark Cohen, expressed disappointment with the verdict and maintained his client’s innocence, vowing to continue to vigorously fight the charges. Bankman-Fried took the uncommon step of testifying in his defense during the trial, admitting to making mistakes but denying any intention to defraud customers and investors.
