A jury in the United States has found Sam Bankman-Fried of cryptocurrency exchange FTX guilty of seven counts related to fraud, embezzlement, and criminal conspiracy. Bankman-Fried, also a former cryptocurrency tycoon, now faces up to 110 years in a prison, after supposedly stealing about $10bn USD and misusing customers’ funds. His decline began last year when FTX filed for bankrupty as Bankman-Fried’s estimated $26bn fortune was decimated. Prosecuters have argued this case demonstrated ‘greed convenience’ and a touching ‘arrogance’ that the fraud would succeed stifling justice.
During the high-profile trial, key personnel included various former FTX associates, ex-partner Caroline Ellison representing the testimonies to refute Bankman-Fried’s innocence to the charge, even using him as he only witness in his defense. Despite admitting his certain misconduct later on, these accounts characterized his compulsive continuation with the unlawful actions, instincts parlayed wildly as the manipulation of providing investments, with the outrageous suggestion of applying clients’ funds in political campaigns.
Mark Cohen, Bankman-Fried’s lawyer acquitted the tough decision by surprised jury.”Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” he said in a composed remark.
