In a long procession of legal proceedings, Sam Bankman-Fried’s multiple charges of fraud brought up against him have been officially deemed as “guilty” for a final result.
Bankman-Fried, the mastermind behind former crypto-giant FTX, saw a quick fall from his grace of power. During a four-week trial, the prosecutors mainly painted a picture of how the MIT graduate persuaded cofounders and other key members of the company to blatantly commit money laundering crimes. Bankman-Friend was accused of shifting millions of dollars from FTX into his privately funded research company, Alameda. When Alameda’s research health came under fire, backers of both Alameda and FTX began to withdraw at a high number, ultimately forcing both companies to fold almost instantaneously.
Bankman-Fried, who had lived in a rich, multi-million dollar Bahamas penthouse with some of his friends/founders at FTX, looked nervous and slightly disheveled throughout the proceedings. When both sides finally rested their case, the New York City jury took just five hours of deliberation before stating that the defendant was guilty of all charges. Bankman-Fried’s respective lawyers and team will appeal the decision most likely.
Once a crypto prodigy, Bankman-Fried may spend decades in prison for fraud. While the world of crypto and its societal effects are still new, the basic ideas of fraud continue to thrive throughout the world.
Sources:
https://www.npr.org/2023/11/02/1210100678/sam-bankman-fried-trial-verdict-ftx-crypto
Image Credits: ANGELA WEISS/AFP via Getty Images / Getty Images
