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.
