Sam Bankman-Fried, former cryptocurrency superstar and creator of FTX Exchange, has been found guilty on all seven counts, including fraud and money laundering in New York courts after five weeks of litigation in that jurisdiction.

Image credits: social media

Bankman-Fried was charged with embezzling billions from his customers to fund lavish lifestyles and speculate in various ventures, leading them to incur heavy legal liabilities as a result.

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Bankman-Fried initially entered his plea of not guilty on two fraud and conspiracy counts against her; however, the verdict has sent shockwaves through the cryptocurrency sector.

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The guilty verdict issued on November 3rd 2023 raises serious doubts regarding accountability of leading figures within cryptocurrency space.

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This sentence could carry up to 110 years of incarceration; its exact date remains unannounced.

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Bankman-Fried has been held in jail since August, following allegations of witness tampering. His bail was revoked for these offenses.

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Bankman-Fried was painted as an ambitious individual who believed he could avoid facing consequences of his fraudulent acts; while, according to defense, he acted "good faith".

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This article details FTX, an important cryptocurrency trading platform which went bankrupt approximately one year ago, sparking widespread panic among digital currency investors.

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FTX's collapse has been widely blamed on Bankman-Fried's purported diversion of customer funds to support high-risk transactions through Alameda Research hedge fund, leading to financial turmoil and ultimately its bankruptcy.

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