Sam Bankman-Fried convicted of fraud in $10 billion FTX schemethedigitalchaps


FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry – a journey that included his testimony before Congress, a Super Bowl advertisement, and dreams of a future run for president – hit rock bottom Nov. 2 when a New York jury convicted him of fraud for stealing at least $10 billion from customers and investors.

After the monthlong trial, jurors rejected Mr. Bankman-Fried’s claim during testimony in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.

“Mr. Bankman-Fried. Please rise and face the jury,” Judge Lewis A. Kaplan commanded just before a jury forewoman responded “guilty” seven times to two counts of wire fraud, two counts of wire fraud conspiracy, and three other conspiracy charges, which carry potential penalties adding up to 110 years in prison. Mr. Bankman-Fried is likely to face far less than the maximum at a sentencing set for March 28.


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