Friday, February 9, 2024

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, was found guilty on Thursday of fraud and conspiracy charges. This comes after a trial that exposed the reckless behavior and arrogance prevalent in the crypto industry. Bankman-Fried, who became emblematic of crypto excesses, was accused of stealing up to $10 billion from customers to fund political contributions, venture capital investments, and extravagant spending. He was convicted of wire fraud, conspiracy, and money laundering, with a maximum sentence of 110 years. Bankman-Fried, 31, is expected to appeal and will be sentenced on March 28.

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