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Sam Bankman-Fried convicted of defrauding cryptocurrency prospects | US Information

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Sam Bankman-Fried has been discovered responsible of defrauding prospects of his now-bankrupt cryptocurrency change in one of many largest frauds ever.

The 31-year-old could possibly be sentenced to greater than 100 years in jail after dishonest 1000’s of FTX prospects out of billions of {dollars}.

A Manhattan jury convicted him on all seven counts after a month-long trial. He will likely be sentenced subsequent yr.

FTX collapsed final November, surprising monetary markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) wealth.

Bankman-Fried – who denied two counts of fraud and 5 of conspiracy – clasped his palms collectively as the decision was delivered after 4 hours of deliberation.

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He took a calculated threat to testify last week, admitting “errors” in operating FTX however insisting he did not steal his prospects’ cash.

Prosecutors claimed he used the funds for dangerous bets at his hedge fund Alameda Analysis – with an enormous black gap within the firm’s funds rising when crypto markets fell sharply.

Extra on Sam Bankman-fried

FTX abruptly halted withdrawals final November and subsequently went bankrupt.

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