Skip to content

Crypto tycoon Sam Bankman-Fried found guilty on all charges in fraud trial

  • by

DEVELOPING STORY,

Former crypto tycoon Sam Bankman-Fried has been found guilty on all charges after orchestrating what authorities have described as one of the biggest financial frauds in US history.

A jury convicted Bankman-Fried, the founder of cryptocurrency exchange FTX, on seven counts of fraud, embezzlement and criminal conspiracy after over four hours of deliberations.

Prosecutors accused Bankman-Fried, once the poster boy for virtual currencies, of stealing about $10bn, using customers’ funds to make risky investments, buy property and fund political campaigns.

The crypto entrepreneur, 31, now faces up to 110 years behind bars.

The verdict comes almost a year after FTX filed for bankruptcy in a spectacular collapse that stunned financial markets and wiped out his estimated $26bn personal fortune.

 Read More

Leave a Reply

Your email address will not be published. Required fields are marked *