Sam Bankman-Fried found guilty of seven counts of fraud in FTX case

You must be aware of a cryptocurrency platform that existed until last year, known as FTX, and it was one of the biggest platforms of its time. However, the fact that this platform was a fraud is one of the biggest mysteries and surprises of all time because we know that most crypto holders had some or the other possessions in this exchange. Now, the CEO and founder of FTX, Sam Bankman-Fried, who was facing fraud charges due to the FTX case, has been found guilty of seven fraud cases in a New York court earlier today.

It is reported that “After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy. Bankman-Fried looked sunken as the verdict was read out. After the jury was released, he stood, head bowed and shaking as his lawyer spoke in his ear. A few feet behind him, his parents stood watching. As Bankman-Fried was escorted out of the room, he turned back and smiled at his parents. His father, Joe Bankman, put his arm around his wife’s shoulders. As their son left the room, Barbara Fried broke down in tears”.

Saying that the government has “no patience” for fraud, US Attorney Damian Williams noted, “These players like Sam Bankman-Fried might be new, but this kind of fraud, this kind of corruption, is as old as time. ” Sam Bankman-Fried is not backing down, as his lead defense attorney, Mark Cohen, said in a statement, “We respect the jury’s decision. But we are very disappointed with the result”. “Mr. Bankman Fried maintains his innocence and will continue to fight the charges against him vigorously.”

Details emerged from the verdict that “Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. He was also found guilty of defrauding lenders to FTX’s sister company, the hedge fund Alameda Research, which held FTX customer funds in a bank account”. The sentencing hearing date will be March 28, 2024, when we will know how much Bankman-Fried gets a jail term for.