'Crypto King' Sam Bankman-Fried Guilty of FTX Fraud

Sam Bankman-Fried, who once ran one of the world's biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

The jury delivered its verdict after just four hours of deliberations.

It concludes a stunning fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.

Bankman-Fried was arrested last year after his firm, FTX, went bankrupt.

He now faces decades in prison. His sentencing has been set for 28 March 2024.

Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse. They charged him with seven counts of fraud and money laundering.

He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.

After the verdict Bankman-Fried's lawyer Mark Cohen said: "We respect the jury's decision. But we are very disappointed with the result."

"Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him," he added.

Three of Bankman-Fried's his former close friends and colleagues, including his ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against him in hopes of reducing their own sentences.

They are to be sentenced at a later date.

(Source: BBC)