'The king of crypto' found guilty of fraud, now faces decades in prison
The man once known as «the king of crypto», Sam Bankman-Fried, has been found guilty of fraud and money laundering in New York after less than five hours of jury deliberations. The month-long trial saw former colleagues, friends, and even Mr Bankman-Fried's former partner testify against the crypto mogul, who was arrested last year in the Bahamas following the collapse of his trading firm FTX, which had a domino effect across the crypto space.
Bankman-Fried will be sentenced on March 28 next year, and faces decades in jail. The jury found him guilty of lying to investors and lenders about the state of FTX's finances (the firm collapsed with an $8 billion black hole in the accounts) over seven counts of fraud and money laundering, all of which Bankman-Fried had pleaded not guilty to.
Five of the charges carry a maximum prison sentence of 20 years, with the other two having a five-year maximum. The potential maximum sentence is 110 years and, while that is unlikely, Bankman-Fried is facing a considerable stretch behind bars. Bankman-Fried could face a second trial on other charges, and the judge has asked prosecutors to confirm this by February next year, prior to his sentencing.
«Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history: a multibillion-dollar scheme designed to make him the king of crypto,» said prosecuting US attorney Damian Williams after the verdict. «This case has always been about lying, cheating and stealing, and we have no patience for it.»
Bankman-Fried is almost certain to appeal, although this is yet to be confirmed. «We respect the jury's decision,» said his lawyer Mark Cohen. «But we are very disappointed with the result. Mr Bankman-Fried maintains his innocence
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