Sam Bankman-Fried, founder of the now-defunct cryptocurrency derivatives platform FTX, has been found guilty on all seven counts of fraud and conspiracy. The verdict was handed down today in a U.S. district court.
The charges against Bankman-Fried include four counts of wire fraud, two counts of securities fraud, and one count of conspiracy to commit wire fraud. He was accused of defrauding investors out of millions of dollars by making false claims about FTX’s financial health and using investor funds for personal gain.
Bankman-Fried’s sentencing date has been set for March 28, 2024. He faces a maximum sentence of 115 years in prison for all seven guilty counts combined. In addition, he will face a new trial on March 11, 2024 for five additional charges, with the sentence for those charges also being issued on March 28.
This guilty verdict marks the end of a dramatic fall from grace for Bankman-Fried, who was once hailed as a rising star in the cryptocurrency industry. His arrest and subsequent indictment sent shockwaves through the crypto community, and his conviction is likely to have far-reaching consequences for the industry as a whole.
