Sign Up on MEXC
Crypto exchange FTX founder Sam Bankman-Fried was found guilty of all the seven criminal counts he faced, according to Damian Williams, US attorney for the Southern District of New York. The announcement was made on Thursday, November 2, 2023, after the verdicts following a month long trial.
The FTX collapse in November 2022 marked one of the darkest phases for the crypto market, with the unfolding of the decline led to losses to the tune of billions of dollars for individual investors.
Also Read: Ripple and National Bank of Georgia Partner on Digital Lari
Biggest Frauds In US History
The Judge, Lewis Kaplan, has scheduled a sentencing date in March 2024, while Bankman-Fried faces a sentence with maximum prison time of 115 years. The FTX founder faced charges on seven different counts, including fraud and money laundering. Attorney Williams said the lawsuit was “about lying, cheating, and stealing.” The attorney said in a briefing:
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. The cryptocurrency industry might be new. The players like Sam Bankman-Fried, Fried might be new. But this kind of fraud, this kind of corruption, is as old as time and we have no patience for it.”
One of the major accusations against the FTX founder was mismanagement of investor money. In a recent court proceeding, Bankman-Fried said the deposits were diverted in a ‘risk management’ exercise. He faced allegations of using a whopping $8 billion in investor money for speculative trading.
During the court proceedings on Thursday, federal prosectors described Bankman-Fried as the “mastermind of a massive fraud” based on lies, while his lawyers explained that the FTX founder was a nerd who tried in good faith to reverse the collapse of the crypto exchange, Bloomberg said.
SBF To Fight Charges Against Him
Menawhile, the FTX founder’s lawyers have reportedly indicated contesting the jury’s verdict, expressing disappointment over it. According to BBC, Mark Cohen, Bankman-Fried’s lawyer said,
“We respect the jury’s decision. But we are very disappointed with the result. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”
From being valued at around $32 billion in 2022, FTX currently faces bankruptcy proceedings thanks to the catastrophic fall of the founder. This had also meant a blow to cryptocurrencies like Solana (SOL), owing to the close association with FTX.
Also Read: Shiba Inu Price Prediction As Whales Move Millions Of Dollars In SHIB, Will Meme Coin Rally Or Fall?
- Pro-Crypto Stephen Miran Sworn in as Fed Governor Ahead of FOMC Meeting
- Breaking: Circle Announces HYPE Investment and USDC Launch on Hyperliquid Ahead USDH Launch
- Coinbase Data Signals XRP Supply Shock Ahead- Analyst Claims $5 XRP Soon
- PUMP vs HYPE: PumpFun Daily Revenue Surges Past Hyperliquid, Analyst Projects New ATH
- Shiba Inu Update: Shytoshi Kusama Breaks Silence, Confirms “War Room” to Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
- Trump Coin Price at Risk of a 16% Dive as Open Interest, Whale Selling Intensify
