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Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
They presented evidence that Bankman-Fried’s crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.
Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.
Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.
Bankman-Fried defended the money transfers between his firms as “permissible” and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.
Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.
So, interesting point here is that the jury only took 4 hours to complete. Just four. That means that they basically made up their minds and they just needed to confirm.
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Can’t wait to see how the 1:1 GME tokens are resolved
At least some asshole in this country gets the consequences they deserve.
I swear the courtroom sketch artist has a grudge, he looks downright ghoulish in the article’s picture.
The One Ring has not been kind to Smeagol…
It’s giving Frankenstein’s monster…
Good riddance
It’s always the ones you most suspect…
Like… some fried bank man?
(I know, bad joke is bad)
115 years. Where is your mind at knowing that.
Under sentencing guidelines they’re very unlikely to be served consecutively. Probably more like 20 years.
🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.
They presented evidence that Bankman-Fried’s crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.
Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.
Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.
Bankman-Fried defended the money transfers between his firms as “permissible” and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.
Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.
Saved 67% of original text.
So, interesting point here is that the jury only took 4 hours to complete. Just four. That means that they basically made up their minds and they just needed to confirm.
If someone thought he was innocent, SBF would probably “well, actually…” them.
Judging from my understanding of the trial, that pretty much sums up his defense.