Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, has been convicted of orchestrating a multi-billion dollar fraud that rocked the financial world. After a month-long trial, a 12-member jury unanimously found Bankman-Fried guilty on all seven counts, confirming his fall from grace as a former billionaire. Prosecutors successfully argued that he selfishly stole $8 billion from FTX users, leaving the exchange bankrupt and wiping out his once massive fortune of $26 billion.
The swift verdict was reached after just four hours of deliberation, underscoring the clear evidence against Bankman-Fried. As the jury announced the decision, the disgraced entrepreneur stood before them, his hands clasped together. This outcome is a significant win for the U.S. Justice Department and Damian Williams, Manhattan's top federal prosecutor, who prioritized combating financial market corruption.
Looking ahead, U.S. District Judge Lewis Kaplan has scheduled Bankman-Fried's sentencing for March 28, 2024. The MIT graduate, now facing the consequences of his actions, could potentially spend decades behind bars.
