Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry.
Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took just over four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud, conspiracy and money laundering.
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
After conviction of Sam Bankman-Fried, U.S. Attorney Damian Williams said the verdict sends a message to every "fraudster out there who thinks that they’re untouchable."
"Those folks should think again. And if they don’t, I promise we’ll have enough handcuffs for all of them." pic.twitter.com/MxoVtW7nTJ
— ABC News (@ABC) November 3, 2023
He will appeal.
