The trial of former Crypto titan Sam Bankman-Fried came to a close Thursday.
A jury on Thursday found Sam Bankman-Fried, the founder of crypto platform FTX, guilty of all seven criminal counts that had been brought against him. The former billionaire now faces a maximum prison sentence of 110 years.
Bankman-Fried, who pleaded not guilty to the charges, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers, as well as conspiracy to commit money laundering, conspiracy to commit commodities fraud against FTX investors and conspiracy to commit securities fraud.Bankman-Fried's attorney, Mark Cohen, said after hearing the verdict that his client"maintains his innocence and will continue to vigorously fight the charges against him.
"While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it." The trial, in which the prosecution showcased evidence that amounted to millions of pages of internal messages and memos, additionally featured the testimony of several former FTX executives, including Bankman-Fried's former girlfriend. These ex-friends of the former crypto billionaire previously pleaded guilty to fraud, opting to cooperate with prosecutors in exchange for leniency.
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