In a shocking verdict, a jury has found Sam Bankman-Fried, founder of now collapsed crypto exchange FTX, guilty on all counts in his criminal trial.
The disgraced entrepreneur, once nicknamed the “Crypto King”, showed signs of despair after being convicted on two counts of wire fraud, two counts of wire fraud conspiracy, and one count each of securities fraud conspiracy and money laundering conspiracy.
Legal experts were stunned by the swift guilty verdict, delivered after just a few hours of jury deliberation.
With each fraud charge carrying up to 20 years and the conspiracy counts up to 5 years each, Bankman-Fried is staring at a potential 110 year sentence. Prosecutors presented overwhelming evidence that he misappropriated billions from FTX user deposits to fund his lavish lifestyle and political spending.
The defendant now awaits harsh punishment at his March 28 sentencing.
The dramatic downfall of the 30-year-old whiz kid, who just last year was hailed as a visionary, has shocked the crypto world. His future appears bleak as authorities seek to make an example of him.
With the highest-profile crypto fraud prosecution in history reaching its climax, experts warn others against illicit activities for fear of winding up behind bars.
Bankman-Fried tried to portray himself as a victim of his own success, but the jury wasn’t fooled by his excuses. Justice has been served in this case, showing no one is above the law, even billionaire CEOs.