FTX’s Sam Bankman-Fried Found Guilty, Faces up to 110 Years in Prison
Sam Bankman-Fried, the infamous founder of cryptocurrency exchange FTX, has been found guilty by a jury on seven counts of fraud and conspiracy. The guilty verdict represents all of the counts Bankman-Fried was charged with when he was arrested in December 2022.
He was charged with committing wire fraud on FTX customers, wire fraud on lenders to Alameda Research, conspiracy to commit wire fraud for both FTX and Alameda Research, conspiracy to commit securities and commodities fraud on FTX customers and conspiracy to commit money laundering.
FTX has filed for bankruptcy prior after alleging it was hacked and $600 million USD of funds were stolen. The funds had actually been moved to its sister company, Alameda Research.
Both Bankman-Fried’s former girlfriend Caroline Ellison and three FTX advisors testified against the founder at trial after entering a guilty plea themselves.
Bankman-Fried is now scheduled to be sentenced in March 2024. His crimes carry a maximum sentence of 110 years in federal prison.
In other tech news, Apple sees declining revenues despite record iPhone sales.
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