Former FTX CEO binance-from-the-start">Sam Bankman-Fried was found guilty on all seven charges in his criminal fraud trial related to the collapse of the cryptocurrency exchange FTX. The charges included wire fraud, securities fraud, commodities fraud and money laundering.
Bankman-Fried faces up to 20 years in prison for the crimes. He will be sentenced on March 28, 2024. Prosecutors called his actions “one of the biggest financial frauds in American history” designed to make him the “king of crypto.”
Key FTX executives like Caroline Ellison and Gary Wang testified against SBF after pleading guilty themselves. Bankman-Fried had pleaded not guilty and denied wrongdoing on the stand. He blamed subordinates for poor risk management.
The guilty verdict confirms regulators’ accusations that Bankman-Fried defrauded FTX customers out of billions in a massive crypto scheme. The swift guilty finding on all counts deals a blow to the fallen crypto mogul.
