On November 2, following a month-long trial, it took a jury around three to four hours to find Bankman-Fried guilty on the seven fraud and conspiracy counts.
What just happened? Sam Bankman-Fried, the founder of FTX and self-proclaimed „crypto king“ who was found guilty on seven counts of criminal fraud and money laundering over the collapse of the once-popular cryptocurrency exchange, has been sentenced to 25 years in prison. Bankman-Fried faced a maximum of 110 years behind bars for his crimes.
On November 2, following a month-long trial, it took a jury around three to four hours to find Bankman-Fried guilty on the seven fraud and conspiracy counts related to the collapse of FTX and related hedge fund Alameda Research.
Bankman-Fried was convicted on charges of securities fraud, wire fraud and money laundering, as well as conspiracy to commit wire fraud and securities fraud. He had pleaded „not guilty“ to the charges, but the 12-person jury found him guilty of stealing $8 billion from cryptocurrency customers while company investors lost $1.7 billion.
The sentencing guidelines range for Bankman-Fried were increased by Judge Lewis Kaplan after it was found that he had perjured himself at his trial and knowingly obstructed justice.
