Sam Bankman-Fried guilty on 7 counts of fraud and conspiracy

Sam Bankman-Fried.
Cointelegraph/Wikimedia Commons

Disgraced cryptocurrency mogul Sam Bankman-Fried has been found guilty on all seven charges of fraud and money laundering by a New York City jury.

Bankman-Fried ran one of the world’s biggest cryptocurrency exchanges until the enterprise came crashing down in spectacular fashion last year when his firm, FTX, went bankrupt.

Following a month-long trial, the jury convicted 31-year-old Bankman-Fried on Thursday after just a few hours of deliberations. He could face decades in jail.

The court case ended almost a year after FTX filed for bankruptcy in what was a dramatic ending for FTX that shocked financial markets.

Prosecutors had accused Bankman-Fried of stealing $8 billion from the exchange’s customers for his own use.

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history; a multibillion-dollar scheme designed to make him the king of crypto,” U.S. attorney Damian Williams said in a statement after the verdict.

“This case has always been about lying, cheating, and stealing, and we have no patience for it,” he added.

Responding to the verdict, Bankman-Fried’s lawyer Mark Cohen said: “We respect the jury’s decision but we are very disappointed with the result.” Cohen added: “Mr Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”

Sentencing will be announced at a later date, and Bankman-Fried could appeal the verdict.

More to follow …