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Sam Bankman-Fried Found Guilty in FTX Fraud Case

The unanimous verdict finds the disgraced crypto mogul guilty on 7 counts of fraud and conspiracy.

Sam Bankman-Fried was found guilty in the collapse of FTX.
Credit: Reuters

NEW YORK CITY – After deliberating for just 5 hours, a New York jury found Sam Bankman-Fried guilty on 7 criminal counts of fraud and conspiracy in the 2022 collapse of his cryptocurrency exchange, FTX. After a month-long court case, jurors deliberated just under 5 hours before reaching a unanimous verdict.

The charges were related to defrauding customers, investors, and lenders associated with the cryptocurrency platform FTX. The guilty verdict marks a significant downfall for Bankman-Fried, who at 31, was seen as a prominent entrepreneur in the crypto space. He now faces the possibility of spending decades behind bars due to these convictions​.

FTX Sets Precedent

The trial highlighted Bankman-Fried's engagement in fraudulent activities, which contributed to a historic collapse in cryptocurrency, described by U.S. Attorney Damian Williams as one of the largest frauds in U.S. history. The case has set a precedent in the crypto world, indicating a legal minefield even after this trial. Bankman-Fried's actions have sent ripples through the crypto community, indicating the legal clashes that the crypto world might face moving forward.

Judge Lewis Kaplan has tentatively set March 28, 2024, as the date for sentencing.


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