Sam Bankman-Fried, former head of the once-prominent cryptocurrency exchange FTX, has been convicted on multiple counts of fraud. The conviction comes as a result of the FTX scandal, which stands as one of the largest financial misdemeanors in U.S. history and particularly marks a significant event in the cryptocurrency sector.
Guilty Verdict Delivered
The jury reached a unanimous decision, declaring Bankman-Fried guilty on all seven charges after a period of deliberation that followed the trial’s closing arguments on the first of November. This verdict indicates that the jury rejected Bankman-Fried’s claims of ignorance, aligning instead with the prosecution’s argument that he bore responsibility for the company’s implosion.
Defense Efforts Overturned
During the trial, Bankman-Fried, donning a gray suit and remaining expressionless, tried to persuade the jury of his noninvolvement in the fraudulent activities that led to the exchange’s downfall. He had previously embarked on a media campaign to assert his innocence, suggesting that a lack of knowledge rather than intentional deceit led to the collapse. However, the jury dismissed this defense.
Bankman-Fried’s Fate Sealed
Bankman-Fried, who faced predictions of conviction ahead of the trial, was unable to convince the jury that the platform’s overall dysfunction excused him from direct blame. The jurors’ agreement with the prosecution seals his fate, potentially leading to a sentence of over 110 years in prison.
