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The trial of Sam Bankman-Fried, the founder and former CEO of FTX, who shook the cryptocurrency market with its bankruptcy and caused a major collapse in Bitcoin (BTC) and altcoins, has been concluded. The jury found the former CEO of FTX guilty of all charges, including fraud and money laundering.
Guilty of 7 Crimes
After a month-long trial at the Manhattan Federal Court, where it was alleged that FTX customers lost over 8 billion dollars and Bankman-Fried defrauded FTX investors by covering it up, the jury delivered its verdict. Sam Bankman-Fried, the founder and former CEO of FTX, which was the second-largest cryptocurrency exchange until its bankruptcy, has been found guilty of fraud and money laundering charges.
After more than four hours of deliberation, the jury found the former CEO guilty of seven crimes, including electronic fraud, securities fraud, and money laundering. The exact sentence for Bankman-Fried will be determined at a later date by Judge Lewis Kaplan, who presided over the case. Experts believe that Bankman-Fried is certain to receive a prison sentence.
Bankruptcy that Shook the Cryptocurrency Market
FTX, a cryptocurrency exchange, filed for bankruptcy in November 2022, and the CEO of the company, Sam Bankman-Fried, also announced his resignation. Following this announcement, the cryptocurrency market suffered a heavy blow, with the price of the largest cryptocurrency, Bitcoin, dropping to $15,800. The price of Ethereum, the king of altcoins, also fell to $1,100, while many altcoins connected to FTX, such as Solana (SOL), experienced significant drops.
Bankman-Fried was arrested in the Bahamas in December following the US indictment and the extradition process began. He was released on bail of $250 million until the trial, which was delivered to the US on December 21, 2022.
Bankman-Fried denied the fraud charges against him, claiming that although he made mistakes, he never intended to steal money. In August, his bail was revoked and he was sent to a prison in Brooklyn on charges of attempting to influence witnesses.
