Former Crypto King, Sam Bankman-Fried Guilty of Charges, Faces 115 Years in Jail

Former Crypto King, Sam Bankman-Fried Guilty of Charges, Faces 115 Years in Jail

  • Sam Bankman-Fried, FTX was found guilty of embezzling $10 billion of his clients' money
  • The 31-year-old was convicted on all seven counts against him in court and faces 115 jail term
  • It was decided that the former crypto king would be sentenced on March 28 next year

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

Sam Bankman-Fried, the FTX founder, could spend up to 115 years in prison after he was found guilty of embezzling $10 billion of his clients' money.

The jury reached its unanimous verdict after the 31-year-old FTX founder was convicted on all seven counts against him. Legit.ng had earlier reported that the Jury began deliberating his trial.

Former Crypto King, Sam Bankman-Fried Guilty of Charges, Faces 115 Years in Jail
Bankman-Fried will be sentenced on March 28 2024. Photo credit: FTX
Source: UGC

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Although Bankman-Fried will be sentenced on March 28, 2024, his lawyer Mark Cohen, insisted they will continue to 'vigorously fight the charges

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Once a crypto king

BBC reported that when cryptocurrency exchange FTX filed for bankruptcy in November of last year, $8 billion in customer cash was missing from its formerly $32 billion valuation.

He was found guilty by the jury of deceiving lenders and investors and embezzling billions of dollars from FTX, which contributed to the company's demise.

US attorney Damian Williams said after the verdict, "Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history—a multibillion-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."

Meanwhile, the FTX founder had entered a not-guilty plea to every accusation. He argued that despite his shortcomings, he had acted in good faith.

Bankman-Fried could serve more than a century in jail

The prosecution produced proof that, in the early days of the exchange, when regular banks refused to allow it to create an account, FTX customers sent deposits to Bankman-Fried's cryptocurrency trading company, Alameda Research.

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It was further established that Bankman-Fried spent the money to pay back Alameda lenders, purchase real estate, make investments, and make political contributions, rather than protecting those monies, as he had publicly promised to do on several occasions,

The maximum sentence for five of the crimes Bankman-Fried was found guilty of is twenty years in jail; the maximum sentence for the other two counts is five years.

That means a maximum sentence of 110 years might be imposed. Bankman-Fried is anticipated to serve a lengthy sentence if the judge does decide to do so.

Nigeria Emerges Most Active Crypto Country Amid CBN Ban on Transactions

Despite the challenging period in the cryptocurrency market known as the crypto winter, Nigerians have consistently demonstrated unwavering enthusiasm and curiosity regarding Bitcoin, Ethereum, and other cryptocurrencies, Legit. ng reported.

According to Leverage Trading, Nigeria emerged as the country with the most notable interest in the three search terms as citizens continued actively participating in purchasing, trading, and exploring information about Bitcoin.

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Former crypto tycoon Sam Bankman-Fried found guilty on all counts at fraud trial

During the ongoing period of volatility in the cryptocurrency market, often referred to as the "crypto winter," market participants across the globe have adapted in diverse ways.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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