A federal jury has found Sam Bankman-Fried, the founder of FTX, guilty on all seven counts of fraud and conspiracy he was charged with in relation to the downfall of his cryptocurrency exchange. According to The New York Times, he faces a maximum sentence of 110 years in federal prison. Bankman-Fried was arrested in the Bahamas back in December 2022 after the Department of Justice took a close look at his role in the rapid collapse of FTX. The agency examined whether he transferred hundreds of millions of dollars — the company claimed it was hacked after around $600 million disappeared from its funds — when the exchange filed for bankruptcy. It also investigated whether FTX broke the law when it moved funds to sister company Alameda Research.
During Bankman-Fried’s trial that took place over the past month, prosecutors argued that he used FTX’s funds to keep Alameda Research running. The fallen entrepreneur also founded the cryptocurrency hedge fund, which was ran by his…
2023-11-02 20:23:16
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