{"id":31591,"date":"2023-11-03T03:00:50","date_gmt":"2023-11-03T03:00:50","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/11\/03\/sam-bankman-fried-found-guilty-on-all-7-criminal-counts\/"},"modified":"2023-11-03T03:00:50","modified_gmt":"2023-11-03T03:00:50","slug":"sam-bankman-fried-found-guilty-on-all-7-criminal-counts","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/11\/03\/sam-bankman-fried-found-guilty-on-all-7-criminal-counts\/","title":{"rendered":"Sam Bankman-Fried Found Guilty On All 7 Criminal Counts"},"content":{"rendered":"

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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.<\/p>\n

The FTX collapse<\/a> 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.<\/p>\n

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Also Read: Ripple and National Bank of Georgia Partner on Digital Lari<\/strong><\/a><\/p>\n

Biggest Frauds In US History<\/h2>\n

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 \u201cabout lying, cheating, and stealing.\u201d The lawyer stated in a briefing:<\/p>\n

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\u201cSam 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.\u201d<\/p>\n

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One of the foremost accusations in opposition to the FTX founder was mismanagement of investor cash. In a latest courtroom continuing, Bankman-Fried said<\/a> the deposits have been diverted in a \u2018risk management\u2019 train. He confronted allegations of utilizing a whopping $8 billion in investor cash for speculative buying and selling.<\/p>\n

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During the courtroom proceedings on Thursday, federal prosectors described Bankman-Fried because the \u201cmastermind of a massive fraud\u201d based mostly on lies, whereas his attorneys explained<\/a> that the FTX founder was a nerd who tried in good religion to reverse the collapse of the crypto alternate, Bloomberg stated.<\/p>\n

SBF To Fight Charges Against Him<\/h2>\n

Menawhile, the FTX founder\u2019s attorneys have reportedly indicated contesting the jury\u2019s verdict, expressing disappointment over it. According to BBC, Mark Cohen, Bankman-Fried\u2019s lawyer stated,<\/p>\n

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\u201cWe respect the jury\u2019s decision. But we are very disappointed with the result. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.\u201d<\/p>\n<\/blockquote>\n

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.<\/p>\n

Also Read: Shiba Inu Price Prediction As Whales Move Millions Of Dollars In SHIB, Will Meme Coin Rally Or Fall?<\/strong><\/a><\/p>\n

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