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Crypto king convicted for fraud, conspiracy in FTX
Mint Mumbai
|November 04, 2023
Sam Bankman-Fried was convicted of a massive fraud that led to the collapse of his FTX exchange, following a month-long trial that pitted the testimony of the former crypto king against that of some of his closest friends.
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Bankman-Fried was found guilty of seven counts of fraud and conspiracy after jurors in Manhattan deliberated for less than five hours on Thursday. He faces as much as 20 years in prison on each of the most serious charges. Judge Lewis Kaplan set a sentencing date in March.
The verdict is a win for Manhattan US Attorney Damian Williams in the highest-profile criminal prosecution in the crypto world. It also caps a spectacular fall for BankmanFried from early 2022 when FTX was valued at $32 billion and celebrities including Tom Brady, Larry David, and Steph Curry were paid to urge people to trade digital currency on the platform.
Bankman-Fried "perpetrated one of the biggest financial frauds in American history," Williams said after the verdict. "A multibillion dollar scheme designed to make him the King of Crypto."
This story is from the November 04, 2023 edition of Mint Mumbai.
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