Sam Bankman-Fried could face up to 110 years in prison

Sam Bankman-Fried has been found guilty and convicted of fraud and money laundering.

Once regarded as the “King of Crypto,” Bankman-Fried was the former CEO of now bankrupt cryptocurrency exchange FTX. At its height, FTX had over one million users and was the third largest cryptocurrency exchange by volume valued at $32 billion USD.

BREAKING: Crypto scammer Sam Bankman-Fried has been found guilty on all charges in his first criminal trial.

The New York jury determined Bankman-Fried defrauded customers, investors and lenders.

Bankman-Fried was found guilty on seven charges and faces a whopping maximum… pic.twitter.com/fXcjS4G8pC

— Collin Rugg (@CollinRugg) November 3, 2023

It was determined by a New York jury that through his involvement in FTX and his crypto trading firm Alameda Research, he “defrauded customers, investors, and lenders.” Investors’ funds were transferred to Alameda Research and used by lenders, as well as used to buy property, pay for trips, and contribute to political donations.

Sam Bankman-Fried was charged with two counts of wire fraud and five counts of conspiracy. Combined, the maximum sentence would equate to 110 years. While Bankman-Fried maintains his innocence, the $8 billion USD worth of missing funds is owed to customers.

Assistant U.S. attorney Nicolas Roos, commented in a closing statement with, “He took the money. He knew it was wrong. He did it anyway because he thought he was smarter and better and that he could figure his way out of it,”

Sam Bankman-Fried’s sentencing begins on March 28, 2024.

(Images: Photo by Drew Angerer/Getty Images)