Sam Bankman-Fried found guilty on all 7 charges, faces up to 110 years in prison Sam Bankman-Fried found guilty on all 7 charges, faces up to 110 years in prison
The jury reached a guilty verdict on all charges against the former billionaire after a little over four hours of deliberating.
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Updated: Nov. 3, 2023 at 9:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After less than five hours of deliberation, the jury found Sam Bankman-Fried (SBF) guilty of all seven charges levied against him by the U.S. government.
SBF faces more than 100 years in prison for his role in defrauding FTX customers out of roughly $8 billion worth of their funds, primarily by giving Alameda Research special privileges to borrow those funds without limit and spend them recklessly.
The seven charges against him are wire fraud and conspiracy to commit wire fraud against FTX’s customers, wire fraud and conspiracy to commit wire fraud against Alameda Research’s lenders, conspiracy to commit securities fraud against FTX’s investors, conspiracy to commit commodities fraud against FTX customers and conspiracy to commit money laundering.
Presiding Judge Lewis Kaplan has set the sentencing date for March 28, while the second SBF trial has been scheduled for March 15, barring any unforeseen delays.
The post-trial motion schedule will be given out on Dec. 11.
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.