During a fraud trial involving the cryptocurrency exchange FTX, Sam Bankman-Fried was found guilty on all charges
On Thursday, Sam Bankman-Fried was convicted guilty of his part in the demise of the cryptocurrency exchange FTX.
Once touted as a cryptocurrency expert, Sam Bankman-Fried was found guilty on Thursday of all fraud counts brought against him. This occurred one year after his exchange, FTX, collapsed, thereby wiping out thousands of consumers.
The federal jury in Manhattan began deliberations around four hours before the verdict was rendered, at 7:40 p.m. ET.
Co-founder of the digital currency exchange FTX, Bankman-Fried, was accused of seven charges of wire fraud, securities fraud, and money laundering for defrauding lenders and FTX clients into lending money to Alameda Research, a hedge fund that is connected to the exchange.
Following the decision, Southern District of New York U.S. Attorney Damian Williams stated that Bankman-performed Fried «perpetrated one of the biggest financial frauds in American history.»
In November 2022, FTX and Alameda abruptly fell apart as some of their financial obligations were made public. The main elements of the case against Bankman-Fried were the fact that Alameda had stolen billions of dollars from FTX’s clients and that a large portion of the company’s balance sheet consisted of digital currency assets that the company had developed.
Bankman-Fried was convicted on Thursday of two charges of conspiracy involving wire fraud, two counts of wire fraud, one count of money laundering conspiracy, one count of conspiracy involving commodities fraud, and one count of conspiracy involving securities fraud.
