Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, was found guilty on all seven counts of fraud and conspiracy on Thursday. The verdict marks a spectacular fall from grace for the 31-year-old, who was once hailed as a wunderkind of the crypto world.
Bankman-Fried was accused of misappropriating billions of dollars in customer funds from FTX to enrich himself and his associates. The prosecution argued that Bankman-Fried used the money to fund his lavish lifestyle and to prop up his other businesses, including the trading firm Alameda Research.
Bankman-Fried denied the charges, but the jury was not persuaded. After deliberating for just five hours, the jury found Bankman-Fried guilty of all seven counts, including wire fraud, securities fraud, and money laundering.
Bankman-Fried faces up to 115 years in prison when he is sentenced on March 28, 2024. His conviction is a major blow to the cryptocurrency industry, and it raises serious questions about the regulation of digital assets.