Sam Bankman-Fried Found Guilty On All 7 Criminal Counts

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Crypto alternate FTX founder Sam Bankman-Fried was discovered responsible of all of the seven legal counts he confronted, in accordance with Damian Williams, US lawyer for the Southern District of New York. The announcement was made on Thursday, November 2, 2023, after the verdicts following a month lengthy trial.

The FTX collapse in November 2022 marked one of many darkest phases for the crypto market, with the unfolding of the decline led to losses to the tune of billions of {dollars} for particular person buyers.

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Biggest Frauds In US History

The Judge, Lewis Kaplan, has scheduled a sentencing date in March 2024, whereas Bankman-Fried faces a sentence with most jail time of 115 years. The FTX founder confronted fees on seven totally different counts, together with fraud and cash laundering. Attorney Williams stated the lawsuit was “about lying, cheating, and stealing.” The lawyer stated in a briefing:

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. The cryptocurrency industry might be new. The players like Sam Bankman-Fried, Fried might be new. But this kind of fraud, this kind of corruption, is as old as time and we have no patience for it.”

One of the foremost accusations in opposition to the FTX founder was mismanagement of investor cash. In a latest courtroom continuing, Bankman-Fried said the deposits have been diverted in a ‘risk management’ train. He confronted allegations of utilizing a whopping $8 billion in investor cash for speculative buying and selling.

During the courtroom proceedings on Thursday, federal prosectors described Bankman-Fried because the “mastermind of a massive fraud” based mostly on lies, whereas his attorneys explained that the FTX founder was a nerd who tried in good religion to reverse the collapse of the crypto alternate, Bloomberg stated.

SBF To Fight Charges Against Him

Menawhile, the FTX founder’s attorneys have reportedly indicated contesting the jury’s verdict, expressing disappointment over it. According to BBC, Mark Cohen, Bankman-Fried’s lawyer stated,

“We respect the jury’s decision. But we are very disappointed with the result. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”

From being valued at round $32 billion in 2022, FTX at present faces chapter proceedings due to the catastrophic fall of the founder. This had additionally meant a blow to cryptocurrencies like Solana (SOL), owing to the shut affiliation with FTX.

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