Sam Bankman-Fried is the founder and former CEO of cryptocurrency exchange FTX who carried out a massive financial scam by stealing millions from the platform’s users. Now the “crypto king” has been tried and convicted, and could face several decades in prison.
Sam Bankman Fried was convicted of fraud
After his detention in the Bahamas, the trial of the founder of FTX began in early October in New York, and in recent days the court began... Come to a conclusion. After less than five hours of jury deliberations, Sam Bankman-Fried was found guilty of fraud and money laundering.
The jury found the former CEO of the cryptocurrency exchange guilty of lying to investors and creditors about FTX's financial situation, and thus approved seven counts of fraud and money laundering to which Bankman has always pleaded not guilty.
According to reports, Sam Bankman-Fried will be formally sentenced on March 28, 2024, and could then spend several decades in prison. Each of the five charges carries a maximum prison sentence of 20 years, and the other two charges could carry a maximum sentence of 10 years. All things considered, the FTX founder could face a total sentence of up to 110 years, although this is unlikely. But he will certainly spend several years behind bars.
After the ruling, US Attorney Damien Williams said: “Sam Bankman Fried committed one of the biggest financial frauds in American history: a multibillion-dollar scheme designed to make him the king of crypto. This issue has always been about lying, fraud and theft, and we have no patience for that".
Mark Cohen, Sam Bankman-Fried's attorney, stated:We respect the jury's decision. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges vigorously".
The trial was attended by several different parties and was attended by former colleagues and friends of the accused who testified against what many consider the “King of Crypto.” Last Friday (3), Bankman was called to give evidence, where he said, "It's strange that he doesn't know"Basically nothing"about cryptocurrencies and did not have"I had absolutely no idea how it worked...I knew it was things that could be negotiated".
Bankman-Fried could still face a second trial on other charges and the judge asked prosecutors to confirm that hypothesis by February 2024, before sentencing him.
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