FTX founder Sam Bankman-Fried found guilty on all seven counts of fraud
After almost a year since FTX ran into financial issues, the founder of the cryptocurrency exchange has been found guilty.
Sam Bankman-Fried, the founder of FTX, has been found guilty on all seven counts of fraud. After roughly four hours of deliberations, the jury reached the verdict that Bankman-Friend is guilty of the charges, which means he faces a maximum of 115 years in prison.
Source: Michael M. Santiago | Getty Images
As reported on by Jacquelyn Melinek of TechCrunch on November 2, 2023, Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been found guilty on all seven counts, with six relating to fraud and one relating to money laundering.
Late last year, after the financial troubles and filing for bankruptcy, FTX claimed that Sam Bankman-Fried transferred funds to the Bahamas. Shortly thereafter, Bankman-Fried was arrested and then charged with multiple counts of fraud, conspiracy, and money laundering.
During the course of the trial, Bankman-Fried was accused of paying a $40 billion bribe to a Chinese official and then went to jail for witness tampering. As MacKenzie Sigalos of CNBC puts it, “The central question for jurors to consider was whether Bankman-Fried acted with criminal intent in taking customer funds from FTX and using that money to pay for real estate, venture investments, corporate sponsorships, political donations and to cover losses at Alameda.”
Melinek notes that during Bankman-Fried’s testimony, the former FTX CEO said he didn’t defraud the customers of the crypto exchange or take their funds but that his trading firm Alameda Research “borrowed” the money.
While he does have a maximum of 115 years in prison, the exact length of time is yet to be decided. Be sure to keep an eye trained on Shacknews as we keep you updated on what’s happening in the crypto world and all things adjacent, like the recent Del Complex floating sovereign nation for AI regulation avoidance.
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replySam Chandler posted a new article, FTX founder Sam Bankman-Fried found guilty on all seven counts of fraud
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Sam's good old days
https://www.youtube.com/watch?v=AErOFE_Bnbg -
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The friend part of his name is pronounced differently and kind of ruins the joke.
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I mean to me his name sounds like sam bankman freed. So maybe there's a joke in there about how he's not to be freed.
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Metal Gear Solid: Tender Enigmatic
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In August 2022, I snapped this photo of an FTX billboard in Downtown Dallas. I had no idea what FTX was and think in my mind I was like “I was hoping the future would be like Blade Runner with flying cars, not some smug asshole on the side of a building telling me Crypto is the future”
https://i.imgur.com/gcDBFt3.jpg
Three months later FTX declared bankruptcy and the guy on the billboard, who is SBF, was on the run. A month later they arrested him in the Bahamas.
Here we are about a year later and he's been convicted. He went from giant billboards to potentially 115 years in prison.
Life comes at you fast.-
He wasn't on the run in the Bahamas, they were headquartered there.
The Terra guy did go on the run,
A Crypto Fugitive’s Very Public Life While on the Run
https://archive.ph/oC5Ds
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