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Jury convicts FTX founder Sam Bankman-Fried of fraud charges

Sam Bankman-Fried founded the FTX cryptocurrency exchange and was convicted Thursday on all seven charges against him.
Jury convicts FTX founder Sam Bankman-Fried of fraud charges
Posted at 5:58 PM, Nov 02, 2023

A jury has convicted FTX founder Sam Bankman-Fried of fraud charges after a historic cryptocurrency collapse, according to multiple sources

The mogul was convicted by a jury on Thursday after just hours of deliberation. The jurors heard testimony and evidence over the course of weeks before deciding on the case. 

In the end, Bankman-Fried was convicted on all seven charges levied against him, including for fraud and conspiracy. 

SEE MORE: Sam Bankman-Fried's lawyer fails to hurt credibility of key witness

The trial, which lasted for months, heard testimony from multiple individuals involved in what became known as an example of crypto's excessive side after the collapse of FTX. 

Those involved in leading the exchange were accused of being part of Bankman-Fried's scheme to steal as much as $10 billion from its customers. 

The money is said to have been used to finance political contributions, for high levels of excessive and extravagant spending and for venture capital investments. 

Bankman-Fried claimed, while on the witness stand for multiple days in a Manhattan courtroom, that he did not mean to defraud or cheat his customers. 

FTX was at one time the second-largest cryptocurrency exchange, before it went bankrupt a year ago. 

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