03/11/2023
Sam Bankman-Fried, the founder of crypto exchange FTX, has been found guilty of all seven criminal counts he faced, including fraud and money laundering. The verdict was announced by US attorney Damian Williams on November 2, 2023, following a month-long trial.
The collapse of FTX in November 2022 resulted in billions of dollars in losses for individual investors, marking a dark phase for the crypto market.
Bankman-Fried faces a maximum prison sentence of 115 years, with a sentencing date scheduled for March 2024. The charges against him included mismanagement of investor money, with allegations that he used $8 billion for speculative trading.
Federal prosecutors described him as the "mastermind of a massive fraud," while his lawyers argued that he acted in good faith to reverse the exchange's collapse.
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