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'King of crypto billionaire faces decades in jail for £8bn fraud
Daily Express
|November 04, 2023
A FORMER cryptocurrency tycoon has been found guilty of an 8.2billion fraud.
Sam Bankman-Fried, 31, was known as the King of Crypto, but now faces decades in jail after a shocking fall from grace.
He was once so rich he had reportedly considered using his private funds to pay Donald Trump not to run for US president a second time.
Bankman-Fried was arrested last year after his firm FTX, touted as a safe and easy place to trade cryptocurrencies, went bankrupt, owing customers billions.
The former billionaire is due to be sentenced on March 28 after the guilty verdict in New York.
US attorney Damian Williams said in a statement after the trial: Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-billion dollar scheme designed to make him the king of crypto. This case has always been about lying, cheating and stealing, and we have no patience for it.”
This story is from the November 04, 2023 edition of Daily Express.
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