The trial against the collapsed crypto exchange FTX founder Sam Bankman-Fried has ended. Late last night, Swedish time, the 31-year-old was found guilty of fraud after hundreds of billions disappeared from the stock market. He is considered guilty on all seven charges and now risks being sentenced to a prison sentence of 115 years, writes CNBC.
“Sam Bankman-Fried orchestrated one of the largest financial frauds in American history,” said prosecutor Damian Williams.
“Although the crypto industry is new and players like Sam Bankman-Fried may be new, this type of corruption is as old as the streets. This case has involved lies, betrayal and theft and we have no patience for that.”
The trial has been going on for a month and the prosecution’s key witness was Sam Bankman-Fried’s inner circle, including ex-girlfriend Caroline Ellison.
Sam Bankman-Fried has always maintained that he is innocent.
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