The jury of the federal court in Manhattan (USA) found the founder of the FTX crypto exchange Sam Bankman-Fried guilty of a large-scale fraud that led to the collapse of his exchange.
As of Reuters, according to the prosecutor's office, Bankman-Fried stole eight billion dollars from customers of his crypto exchange. He was found guilty on all seven counts.
U.S. District Judge Lewis Kaplan has scheduled Benkman-Fried's sentencing for March 28, 2024. He may face ten years in prison.
Defense attorney Mark Cohen said in a statement that he was "disappointed" but respected the jury's decision. According to him, his client maintains his innocence and will continue to fight the charges brought against him.
Bankman-Fried will stand trial next March on a second set of charges brought by prosecutors earlier this year, including alleged foreign bribery and bank fraud.
Bankruptcy of the FTX cryptocurrency exchange — what is known
Sam Bankman-Fried - American former billionaire and founder of the bankrupt cryptocurrency exchange FTX. At its peak in 2021, FTX was one of the largest crypto exchanges in the world. However, it went bankrupt in November 2022, and Bankman-Fried's fortune disappeared within days. In December of the same year, the businessman was arrested in the Bahamas; US authorities charged him with fraud and money laundering.
Under the law, he faces a maximum penalty of 110 years in prison.
Late last year, hours after FTX declared bankruptcy, about $372 million worth of tokens were stolen from the crypto exchange. At the same time, the authorities of the Bahamas seized the assets of this crypto exchange for more than 3,5 billion dollars due to the risks of disappearance of funds.
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