Former crypto tycoon Sam Bankman-Fried found guilty on all counts at fraud trial

Former crypto tycoon Sam Bankman-Fried was found guilty on Thursday by a New York jury on all seven counts of fraud, embezzlement and criminal conspiracy. The trial, which lasted five weeks, culminated with verdicts today and Bankman-Fried now faces up to 110 years behind bars. His sentence will be passed at a future date.

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The culmination of the month-long federal trial saw the accused charged with leading a drastic rapture in finances valued at $8 billion from his FTX trading platform. Bankman-Fried had hitherto been renowned as a poster child for a high-profit crypto industry. The estimated worth of his figure was appraised to be $26 billion predetermined in Fortune Magazine prior to it’s spectacular rapid decline.

On behalf of the prosecution, US Attorney, Danielle Sassoon noted that Bankman-Fried wielded an abundance of ego, exuding an enduring confidence; breed only by a greed-fuelled ambition that evaded emotional sensitivity in order to succeed in fraud. “Find him guilty”, Sassoon directed in the premises of closing planneriments.

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