The founder of FTX, Sam Bankman-Friedwas found guilty this Thursday by a New York jury of seven crimes of fraud and money laundering which were attributed to him.
The jury, made up of 12 members (nine women and three men), delivered its verdict late in the afternoon, following a trial which lasted almost a month and during which the federal prosecutor’s office American described the 31-year-old accused as a fraudster who stole money from thousands of victims.
Bankman-Fried now faces a maximum sentence of more than one hundred years for all seven crimes, which include several fraud and money laundering charges.
The accused sat as a witness during the last three days of the hearings, and took the opportunity to distance itself from poor decisions by FTX and its sister company, Alameda Research; points out his former allies, who cooperate with the prosecution, and reiterates that he had no bad intentions, but recognized that he was not up to the task and that he had failed to manage risks.
Assistant Prosecutor Danielle Sassoon subjected Bankman-Fried to harsh questioning, pointed out the contradictions between his private and public statements and obtained his confessionfor example, that FTX extended a large senior credit line to Alameda, which used customer funds to “gamble,” as it stated in its closing arguments.
FTX, which was one of the largest cryptocurrency platforms in the world and It was valued at $32 billion.sank in November 2022 after many users rushed to withdraw their funds amid reports questioning the company’s solvency.
Bankman-Fried was accused of embezzling nearly $9 billion from FTX customers for other purposes and faces another similar trial in March, in which he is accused of fraud by the Securities and Exchange Commission (SEC).